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Stuck for a Couple of Months Below $0.40, XRP Fails to Break Above the Key Resistance




XRP currently seems to be in a danger zone, although Bitcoin is going pretty well.

A Brief Market Overview

A couple of days before, on August 14th, the premier cryptocurrency Bitcoin broke above $25k, for the first time in over 2 months. The last time Bitcoin had traded above $25k was on June 13th.

The next day, on August 15th, Bitcoin fell to $23.7k from the high of $25.2k within hours. Though it may seem a bit off, but actually it is not. As higher highs and lower lows often represent the market’s bullish trajectory.

Observing with a long-term perspective, it is clear that Bitcoin is gaining. In the past 30-days period the coin has gained by 15.5%, as the average price has remained above $23k.

Now, currently trading just above $24k, Bitcoin is up 3.4% during the week. However, the coin’s performance in the past 24-hours has not been much good as it is down 0.16% in the meantime. Thankfully, it hasn’t had much effect on the altcoins yet. As most of the mainstream altcoins are green at the moment. Particularly, Ripple’s XRP currently trading at $0.376 is up 2% in the day.

XRP Price Analysis

Among the top 10, Ripple’s XRP has been the worst performing altcoin in the past week, it has only gained value by 2%.

In the past 30-days XRP has continuously traded between $0.30 and $0.40. Although the coin gained value by 12.8%, the average price has remained $0.368.

Despite the market’s bullish trajectory, XRP has failed to capitalize on $0.40. It is notable that XRP had reached $0.40 on June 30th, but for a very brief period.

The altcoin is currently in a danger zone. As, if the Bitcoin goes downwards, XRP may lose the support at $0.36, leading to further losses. While a breach below $0.36 could take the coin to $0.30, a break above $0.40 would lead the coin to approach $0.50. It is, however, tied strongly with Bitcoin’s behaviour.

Gracie Perez is a part of RippleCoinNews team since we started. she holds a degree in Computer Sciences. From 2017, She has pivoted her career towards blockchain technology, with principal interest in writing Cryptocurrency news and different guides. She is also working with different online media outlets.

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