Is XRP’s Bull Run Over?
Ripple is down today after an incredible week. Does it mean that the bears have it?
For the last seven days, Ripple (XRP) has been climbing slowly, earning 7% in that period. On Tuesday, the bull run started to wane, and the coin fell 0.33%. While this is not much of a drop, investors are worried that now is the time to sell and that they will not see any more upward movement for the coin for the time being.
XRP really only dropped off from its growth in the afternoon, as it had stayed above the $0.560 (XRP/USD) level for most of the day until then. The coin is currently down to $0.556, and it might continue to drop.
What Is the Expectation for Ripple?
Because Ripple has been stable and mildly bullish for all of February so far, we expect that it will continue to remain on that upward trajectory. Today’s dip is not likely to last long, and the small price drop could encourage buyers to step in and catch the next upswing. Those who have been watching Ripple stay bullish may take the opportunity to jump onboard while the price is lower than normal.
We fully expect that XRP will shoot back up in the next few hours and continue to stay bullish, especially since the trade volume is so high. XRP is trading at a volume 84% higher than it was yesterday, indicating positive buying pressure and support to move up above the $0.57 line.
XRP’s price expectations are helped by a recovering world economy, a healthy US dollar, a thriving crypto market, and lower unemployment rates. Economic factors are in XRP’s favor and the larger crypto market’s favor too. There is no reason why XRP should continue down and stay there, as far as the economic indicators show, though upcoming remarks on Wednesday from the Fed could affect the rate.
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