Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
XRP bears are gradually tightening their claws as the coin's trading volume has slipped for the first time this week. Data from CoinMarketCap pegs the overall traded XRP at $2,143,700,463. While this figure places XRP as the fifth most traded altcoin in the market, the 25% slump shows the intensity is somewhat reducing.
Yuri MolchanXRP's price has, however, stayed elevated on a marginal basis as the digital currency is up 0.94% to $0.6903. This price level is a crucial one to watch, as any movement up or down can mark a new dimension for the coin. The weakening trading volume shows withdrawal by buyers, a signal which, if allowed to continue, might eventually trigger a sell-off.
This sell-off will be devastating and the effort to form support at $0.7 will be defeated. For now, the slip below this support line is considered a healthy correction that might soon be retracted.
Despite the attempt by the bulls to guard the $0.7 level, top market analyst Michael van de Poppe believes that a further retracement might form a good buying opportunity, considering the long-term outlook of the coin.
Ripple milestones is great catalyst
While XRP is an independent protocol with a thriving ecosystem, positive updates from its associated blockchain payments firm, Ripple Labs Inc., are important in charting its next growth stride.
Gamza KhanzadaevIn recent announcements, Ripple and its subsidiaries have been inking strategic partnerships to bolster their position as a thriving blockchain-as-a-service (BaaS). In one of the latest moves, HSBC onboarded Metaco, the firm Ripple acquired for $250 million earlier in the year, to help build its digital asset custody services for tokenized securities.
As a prominent asset in the broader Ripple ecosystem, these wins have a way of rubbing off on XRP with potential upside for the price moving forward.
Alex Dovbnya
Tomiwabold Olajide
Dan Burgin