XRP was the best performing of the top cryptocurrencies on Tuesday. As the price of Bitcoin failed to surge above the resistance at $8000 bouncing off several times, the price of XRP maintained the upward momentum until yesterday. At the time of writing, XRP was trading in the red.
Bitcoin is currently correcting lower at $7,197.01. It is down by 8.80% against the USD with a trading volume of $34,243,643,077 and a market capitalization of $141,013,772,191. Many other cryptocurrencies are also trading in red against the USD. So, why is XRP trading in green? What caused the significant surge in the price of XRP? Why XRP bottom out again?
According to an XRP price analysis on NewsBtc, the surge in price was as a result of an “influx of positive news about XRP and Ripple”. While there have been many positive news about XRP this year, the most recent was that XRP is now available on Coinbase Pro for New York users as announced by the cryptocurrency giant recently. The announcement was as follows;
“XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on Coinbase.com or using our iOS and Android apps.”
As Coinbase Pro made this announcement, investors believed that this was clear evidence that XRP will attract institutional investors from Wall Street soon. While there is no proof that Wall Street investors will suddenly start pouring money into XRP, retail investors didn’t want to lose out on an opportunity so they started buying in bulk while the price was low. The sudden cumulative buying pressure led to the surge in the price of XRP.
XRP Price Prediction 2019
XRP (XRP) Price Today – XRP / USD
At the time of writing, the price of XRP was $0.3681. While it’s not clear if it will fall as low as $0.30 yet, it’s better to wait until you see signs of a price correction before you take your profits.
Ripple XRP News Today – Ripple (XRP) Price Bottom Out Shockingly 25%
For many months, XRP was stuck in a descending trendline. Even when the price of Bitcoin and altcoins was surging against the USD, XRP was crawling. After Tether (USDT) XRP was the worst performing cryptocurrency last month.
Last week, the price of XRP suddenly surged against the USD by more than 20% within a few hours. It outperformed Bitcoin and many other cryptocurrencies at the time. Even if investors enjoyed the XRP bull run, they couldn’t help but wonder what propelled the surge after months of bearish pressure.
The XRP-to-dollar exchange rate on Friday established an intraday low towards $0.359 on BitStamp amidst a flash crash action. The pair attempted to bounce back, but the volume was not adequate to erase its latest drop. On the whole, it plunged up to 25-percent in just two days, implying that its previous bullish sentiment is close to fading.
According to the latest XRP Ripple news On CCN; the pair is now testing the target line as support, which has capped XRP’s downtrend on multiple occasions in the past. A break below the target-line could push XRP towards $0.341, the resistance-turned-support from May 11 trading session.
At the same time, a pullback from target-line, accompanied by a rise in volume, would open a decent long opportunity towards $0.4201, a level which was the higher high of the left shoulder, and which is now falling suitably on the neckline of the previous head and shoulder pattern.
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