Bearish XRP Price May Have Been Caused By the Likes of JP Morgan Coin

The entire crypto world is trying to find an answer to the question of Why is XRP dropping? According to the latest XRP analysis on NewsBtc, an analyst suggests that the price of the token may be falling because of the JPMorgan Coin. How so?

When JPMorgan announced that it was releasing a cryptocurrency just like XRP, there were many speculations about how this would affect the XRP price prediction 2019 and Ripple, the company behind XRP. Some people started referring to it as the “XRP killer”.

However, the CEO of Ripple, Brad Garlinghouse, said that his company isn’t threatened by the existence of the JPM Coin. The cryptocurrency community doesn’t agree with Garlinghouse and the recent price action of XRP also says otherwise.

Ripple’s XRP vs JP Morgan

 

Taking to Twitter, many members of the cryptocurrency community suggested that the price of XRP is struggling to gain ground because of the increased competition from the JPM Coin. The thread started when a popular member of the cryptocurrency community called Crypto Dog said that JPM Coin is a strong competition for XRP. In his words;

“Not hating on this tweet, just genuinely curious: Why would any bank use a volatile currency like $XRP over a ‘bank approved’ stablecoin like JPM coin?”

Another popular trader called Harry replied to Crypto Dog saying;

“JMP [sic] coin likely only has value on its own network, moving money between networks will require something different, maybe interledger, maybe $XRP but let’s assume it will be something without any counterparts.”

XRP Price Prediction 2019 – XRP News Today

XRP (XRP) Price Today – XRP / USD

Name Price24H (%)
XRP (XRP)
$0.281738
6.10%

Since the beginning of April, the cryptocurrency market has been relatively bullish. The XRP price prediction 2019 became bullish when the price of XRP crossed the $0.38 level.

Everyone believed that XRP price was going to cross the $0.40 level and continue surging higher against the USD. Unfortunately, the price of XRP quickly started dropping against the USD.

XRP was stuck in a descending trendline for days and risked falling below the support at $0.30. XRP news at the time suggested that the price of XRP was most likely bottoming out in preparing for a major bull run.

The price has been unable to leave the current trading range between support at $0.28 and a resistance at $0.38. It is a little above the weekly low of $0.31. One more pull from the bears and the price of XRP will lose the resistance at $0.32 and $0.30. Source: Smartereum

XRP Price Prediction 2019 – Ripple (XRP) Price At Significant Risk of More Losses

 

According to the latest XRP technical analysis on Fxstreet; Ripple’s XRP price on Wednesday in the second half of the session is trading in the red with heavy losses of some 6%. XRP/USD bears regained full control, with $0.3000 under large threat of being lost completely.

XRP/USD has fallen back within the control of the market bears, after swiftly losing upside momentum that was seen earlier in the month. Buyers are attempting to heavily protect the $0.3000, with buying just underneath, but the downside pressure is providing to be too strong.

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