Ripple (XRP) Is Down for the Year So Far but Could Be Stabilizing
The major crypto currency Ripple (XRP) is down 15.87% for the last 30 days, not starting the year off strong. But that could change as the price drop is slowing. Could we see a sudden turnaround?
Ripple has been a strong crypto for years now, and we expect to see investors flock to it from time to time, pushing the price up, and some analysts think that could be happening again soon. The price has been dropping erratically this month, but the decent is definitely losing its momentum. Over the last 24 hours, XRP was down only 1.28%, bringing the price to $0.525 (XRP/USD). While that’s not great, it is much better than where the rate was a week ago at $0.5041.
Where Is Ripple Headed?
We expect Ripple to do one of two things- either continue staggering downward, with some bullish activity thrown in there or it will turn around and surge toward those December rates. We are seeing some predictions call for a 10x price surge in the near future, accounting for the SEC settlement resolution and Ripple’s potential as an IPO. The fact that Ripple is a top ranking cryptocurrency helps its position, giving it plenty of visibility. Plus, the token is not very expensive right now, and investors can buy up several tokens for just a few dollars.
Ripple could be poised to do something incredible in the near future, but investors should be careful about going all in on it. The downward trend of the last few months is not guaranteed to turn around. The wider cryptocurrency market is going through a “crypto winter” right now, which is making it difficult for investors to look favorably at any of the tokens. At the same time, that makes high performing tokens like Ripple worth a second look for their breakout potential when things do turn around.
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