Today cryptocurrency market is again experiencing changes in values of the currencies and the most important thing is that Ripple has again in the good position as it finds powerful purchasing pressure in the $0.20 high region, which is milestone region of firm support for the XRP.
After reaching in this region, the currency has crossed and exceeded the other currencies in the market. Currently, the value of the currency is also going up. The experts and analysts in the market are continuous arguings about this that the currency will or will not be able to make this region a long-period stage, which will further help it grow and to increase its value in the market. On the other hand, it will easily weaken the support level that will follow with an immense decrease in value.
Current Status of Ripple (XRP): Currently, at the time of writing the Ripple’s value is trading at $0.313613 and its value is increasing by 0.36%. The market capitalization of the currency is $13,349,428,697 USD and the 24-hour volume of the currency is $1,286,906,625 USD. The circulating supply of the currency is 42,566,596,173 XRP.
The currency can increase slighting today in the market, instead of the fact the value of the currency was bearish for several week periods. Its value has dropped to $0.30 which is recent lows of the currency from the highs of $0.50 in June.
The price action of the Ripple is similar to the Bitcoin’s, as the Bitcoin climbed to the peaks of $13,800 in the last days of June and dropped to its recent lows of $9,900. A famous cryptocurrency analyst, Peter Brandt said on Twitter about XRP’s value action just a few days back, describing to his closely 300k followers that Ripple could decline as low as $0.16 if Bitcoin’s value will continue to go downwards.
He stated in his tweet, “If $BTC has intermediate correction then $XRP will go to $.1600.”
— Peter Brandt (@PeterLBrandt) July 11, 2019
The thing is that Ripple does seem that currently, it is on the edge of a cliff that could follow in the critical decrease, other analysts are also noticing that the value region that is near the low where it is presently trading at could make a long-period inflation base.
Another famous crypto analyst on Twitter, Credible Crypto, recently tweeted about this chance, while giving reply to another experts’ bearish evaluation of the Ripple. He replied in the tweet,
“I don’t know about this one Don. $BTC was resting on a level that had 20 days of consolidation as support. $XRP is resting on a level that has nearly 7 months of consolidation as support. Looks more like we are building an accumulation base here.”
It is still not clear, whether Ripple is following the price action of Bitcoin in coming future, it has high chances that it will take noticeable inflow of selling pressure for the currency to decrease below its long-time support level of $0.30.