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Ripple Performs Better than Broader Crypto Markets on Technical Support

One of the most interesting cryptocurrencies to have emerged over the past few years has been Ripple (XRP), and it has managed to hold onto its position as the third biggest cryptocurrency by market capitalization. However, it has not had the best year so far, despite threatening to break out more than once. In a new development that will be welcomed by those who hold XRP, the cryptocurrency has managed to outperform the market amidst all the chaos.

XRP Finds Support

While most of the market has been in a downward spiral due to the issues related to Facebook’s Libra, Ripple has managed to find strength amid a buying spree from investors today. The buying spree started at the $0.22 level, and since then it went even higher as it continued to outperform the market significantly.

However, many crypto analysts who are familiar with Ripple and XRP are trying to figure out whether this particular level is XRP’s lower circuit from now on or not. At the end of the day, the level either proves to be the one from which the token can spring to higher levels, or it might not work out that way if the price plunges lower than that at a future date. Despite the current optimism surrounding XRP, it needs to be pointed out that over the past few weeks, the token had been in a downward spiral with a strong bearish pattern taking its price down.

>> Bitcoin Could Rebound if Facebook’s Libra Hearing Goes Well

It is even more indicative of the bearish strength that even though Bitcoin and many other altcoins continued to surge over the past weeks, XRP continued struggling to break out significantly. Some analysts have also stated that the price action that Ripple has experienced over recent days seemed to replicate what continued to happen with Bitcoin and despite outperforming the market today, which remains an issue. In fact, one of the leading crypto analysts on Twitter stated that if there is an intermediate correction in Bitcoin, then XRP could drop to $0.16.

Featured image: DepositPhotos © adriantoday

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June 18, 2018 – Crypto Currency News

When it comes to Ripple, there are two things people want to know the most. Either they are looking for a Ripple price analysis, or they are looking to see if Ripple, the software company, announced anything new. Today, we are going to focus primarily on XRP’s market performance.

Ripple Price Analysis: June 18, 2018

Over the weekend, XRP saw some losses. The Ripple price avoided massive drops but did spend the Sunday trading session in a tight range. Yesterday, XRP opened at $0.535 and finished the day at $0.528.

Today, Ripple (XRP) started the day continuing its descent to the $0.50 price mark. At one point, XRP hit an intraday low of $0.512. This marks the lowest Ripple price since early April. However, at the time of writing, Ripple (XRP) has managed to revive itself and push above that level.

Currently, the XRP price is at $0.546. This puts the altcoin up 3.18% in the past twenty-four hours. Ripple (XRP) has a market capitalization of $21.44B, and a twenty-four-hour trading volume of $256.02M.

Ripple price analysis
Source: CoinMarketCap

XRP’s performance today is in line with the overall cryptocurrency market. Most coins started the day down, posting losses over the past twenty-four hours. However, the coins that were down this morning have managed to climb back into the green zone, now that the day has progressed. Will it last, though? The crypto market does not close, so it’s very possible that these coins could plunge again.

That said, recent market data is suggesting that XRP is improving. We can see that the price has jumped to $0.54, and its 24-hour trading volume is significantly higher than Sunday’s session. For perspective, the trading volume Ripple generated yesterday was $166M. Today, it’s gone from $211.3M to $256.02M.

The Ripple Price Takeaway

It’s going to be important to keep an eye on XRP this week. We should be hearing some more information from the SEC regarding whether Ripple (XRP) is a security, and that should have some sort of impact on the Ripple price – good or bad.

>> All Things Ripple: XRP News, Company Talks India Crypto Ban

Featured Image: Depositphotos/© BiancoBlue

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