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Ripple Price Analysis: XRP Bulls Attempting For Recovery As Price Is Back Above $0.22




The San Francisco-based remittance payments firm Ripple’s native digital currency XRP has seen the worst of worst over the course of the past few days as it has been banged by several crypto firms and digital currency exchanges including coinbase. Due to this, the price value of the fourth-ranked digital currency plunged all the way down to trade below the mark of $0.20. But now, it is trying to move toward the recovery phase as there is some rebound seen in the price movement of the coin.

XRP Statistical Data

As per the data from CoinMarketCap, the following is the statistical data of XRP:

  • The market capitalization of XRP is standing at around $10,363,054,218 out of the total crypto market cap.
  • $4,932,546,548 is the 24-hour trading volume of the coin.
  • The circulating supply of XRP is 45,404,028,640 XRP.

XRP Price Value

At the time of writing, the price of XRP is standing at around $0.229279 USD with a change rate of -2.42% in the last 24 hours.

Price Analysis: XRP/USD Chart Still Bearish

After going through the severe price crash of more than 60 percent last week which led the coin to go down to the figure of $0.18, the price value of XRP showed some recovery recently on the 31st of December. After rebounding, the price value of the coin came back above the $0.20 level to pull away some portion of the bearish sentiment as two days ago the price was down by more than 30 percent.

However, now the price of the major digital currency is down slightly by nearly 2 percent in the last 24 hours and is trading at around $0.22, at the press time. On the other hand, if we compare the performance of the coin on a weekly basis, it is still down extremely by more than 25 percent which is not a good sign.

Image Created Via Trading View

XRP bulls, nevertheless, are trying to recover some of the loss. They have only managed to bring the price value of XRP back into the $0.22 – $0.24 range and they still have to do a lot of effort to retrieve the entire loss.

The short-term resistance levels for the coin are $0.25, $0.27, and the psychological level of $0.30, respectively.

Rayne Harris is an analyst and editor recently joined RippleCoinNews with over 5 years of crypto market experience. He has worked in several famous media outlets, specializing in technical analysis of running crypto trends and curates opinion stories based on analysis.

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