Despite a lot of positive attention on the XRP price last week, it appears things have taken a turn for the worse. After a steep drop in both USD and BTC departments, the question now becomes whether or not a new XRP price bounce will materialize. So far, it seems the momentum may not improve, albeit nothing is impossible in this regard.
XRP Price Faces a Rough Monday
It is not the first time XRP price momentum tends to take a turn for the worse. Although this happens every now and then, it seems the uptrend people have been looking for isn’t materializing as of yet. Compared to late 2017, the year 2018 has been very problematic, with little to no improvements in sight as of right now.
This does not bode well for the future XRP price momentum. Even though last week resulted in a weekly gain of over 100%, a portion of those gains has been wiped out again in fairly quick succession. Today is proving to be a very problematic day in this regard, as the XRP price lost 9.1% in USD value and 6.96% compared to Bitcoin. Those losses are not insurmountable by any means, it shows the overall momentum is very sour once again.
This current XRP price dip comes at a rather interesting time. Weiss Ratings recently made it clear they are extremely bullish on XRP. That is quite unusual, considering how they are supposed to be unbiased while issuing their ratings for specific cryptocurrency projects. At the same time, the firm confirms the XRP price took four days to rise from $0.27 to $0.57, after the reverse trend took 99 days to complete.
— Weiss Ratings (@WeissRatings) September 21, 2018
It also appears there is a new use case for Ripple’s XRP. More specifically, consumers and website owners can now benefit from this asset by monetizing their web content through Coil. It is an interesting solution to deal with the annoying advertisements people are forced to view every single day. Moreover, it may help remove the need for paywalls, as those ruin the overall web browsing experience first and foremost.
— Dimmy (@Dimmy05261861) September 24, 2018
For those who prefer a technical analysis approach to dealing with the current XRP price trend, it seems $0.51 will be a critical support level. If the value were to drop below this level, things will get ugly pretty quickly. So far, there is no indication a drop below $0.51 is on the horizon, although this industry remains very unpredictable first and foremost.
#RIPPLE #XRPUSD 0.51$ KEY PF CHART 5 CENTS BOX #crypto #XRP #Forex #Markets #cfd #Investing #stocks #trading advisory Via ADSS Trading Support Team 24 Hrs. #TradingYourWay #Cryptocurrencies @ADSSGROUP #OREX pic.twitter.com/skHnjpsUiA
— Raf trading (@RafKadian) September 24, 2018
As is always the case when it comes to cryptocurrencies and digital assets, there are no guarantees whatsoever. As such, the future XRP price cannot be determined at this stage, primarily because there are no real indicators as to what will happen next. For XRP price watchers, the coming hours may prove to be crucial first and foremost, as those will dictate how things progress moving forward.