Ripple (XRP) Price Recovery Over $0.4 Soon Is Uncertain

  • Yuri Molchan
    📰 News

    Ripple keeps sliding below $0.4, and a recovery may prove difficult due to fundamentals too


Ripple (XRP) Price Recovery Over $0.4 Soon Is Uncertain
Contents

Ripple (XRP) quotes are slowly trying to recover against the USD, just like Bitcoin, along with the other top ten digital assets.

XRP has all chances to climb higher, however, bulls will have a hard time seeing this coin reach the $0.4 mark soon.

Ripple has gone bearish

The high that XRP has managed to reach this year so far after the rise of Bitcoin has been $0.4110. However, then Bitcoin started to descend, taking all high gainers down, including XRP.

At press time, XRP is trading at $0.3914 after the coin had climbed down from the $0.4 level and broke downwards through $0.3950. XRP was breaking levels from there, one by one, down to the current mark it is sitting at.

In order to recover, XRP needs to break through some obstacles near the marks of $0.3950 and $0.4000. Among them is the $0.3900 resistance, which comes together with 50-percent Fibonacci retracement of the recent drop from the high of $0.4112.

Besides, the hourly XRP graph shows a major bearish movement along with the resistance near the level of $0.3950.

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Fundamental factors

Previously, U.Today reported that XRP’s growth in Q2 might be halted due to the fact that Ripple plans to address the issue of fake XRP trading volumes on exchanges. This could make the XRP price plunge further down and make investors turn to other virtual assets.

However, there is good news from Thailand, where the country’s biggest bank, Siam Commercial Bank (SCB), has recently announced that it intends to start using Ripple’s blockchain for financial transactions and will adopt XRP later on as well.

Cover image via www.freepik.com
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About the author

Yuri has worked in crypto since 2017. A translator, quickly became a crypto enthusiast. He has worked for several Telegram channels covering cryptocurrencies. Currently is a news writer, covering crypto and blockchain-related topics.

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Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  


Wall Street Is Extremely Bullish on Facebook’s Cryptocurrency  
Contents

Social media juggernaut Facebook is about to launch its Libra cryptocurrency, which, as expected, is currently on everyone’s lips.

According to a recent CNBC report, financial analysts appear to be on the same page when it comes to bullish Facebook predictions.   

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The talk of the town

There is a schism in the cryptocurrency community concerning Facebook’s foray into crypto. While some think that Facebook undermines Satoshi Nakamoto’s vision of a decentralized cryptocurrency, prominent influencers, including Mike Novogratz and Anthony Pompliano, look at the bright side.

On the flip side, major Wall Street players seem to agree that Facebook’s stock will see plenty of love once the company unveils its much-talked-about crypto project.

SunTrust, MoffettNathanson, Bank of America stick with a “buy” rating on Facebook.

MoffettNathanson goes as far as claiming that the Mark Zuckerberg-led company aims to become the biggest e-commerce platform on the planet.

We believe a Facebook cryptocurrency-based payments system could be especially useful in countries with high inflation/unstable banking systems and for cross-country remittances. So, Facebook’s commerce ambitions do not appear to be limited to developed markets. Rather, Facebook has its eyes set on becoming the world’s leading ecommerce platform as well.”

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Not the right company?  

As reported by U.Today, Facebook joined forces with VISA, Paypal, and a slew of other startups that became part of the Libra consortium for a whopping $10 mln fee.

The company itself remains radio silent about its crypto ambitions, but there have been countless reports on that topic since December.

We are about to see a fiat-pegged stablecoin that will be integrated into Facebook, Instagram, and WhatsApp.

After being plagued with huge data scandals, Facebook will probably have a hard time convincing regulators to green-light its new cryptocurrency. Hence, it might be a promising idea, but not the right company to pull it off.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) covers all things crypto — from major projects, which are fighting tooth and nail to gain the upper hand in the burgeoning industry, to the latest regulatory trends around the world. When he happens to take a break from crypto, Alex delves into cognitive linguistics (metaphors can be fun too!).

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