The previous week spelled trouble for the cryptocurrency industry as major players like Bitcoin, ETH, and XRP faced downward tendencies. XRP dropped as much as 2.69% on Sunday alone, affecting its rally of 6.22% on Saturday.
Overall, Ripple dropped by 5.63% the previous week, reaching the market value of 1.45 dollars. The crypto started the week on a better note as it breached the 1.60 dollars resistance level. However, after reaching the high value of 1.61 dollars, XRP hit a reverse. After that, Ripple went as low as 1.342 dollars, breaching the support level at 1.346 dollars. This did not stop Ripple from making a comeback, as XRP finished the day at a comfortable 1.45 dollars. As of now, Ripple is valued at 1.47 dollars with a shrewd -7.89% 24-hour growth rate. The crypto is losing the market cap and 24-hour trading volume as well. With the ongoing suit against the SEC, things are again starting to look grim for Ripple.
The Short-Term Future of XRP
For the time being, Ripple needs to maintain the 1.47 dollar market value. Afterward, XRP’s closest major goal will be to breach the 1.594 dollars resistance level. To achieve that and to break FIB’s 23.6%, Ripple requires assistance from the market. A quick bullish trend, guiding the crypto to 1.60 dollars. In case another rally emerges, experts’ XRP Price Prediction sees Ripple at above 1.70 market value. On the other hand, a bearish trend will drag Ripple to 1.32 dollars. Add another bad rally, and XRP will see itself valued at 1.19 dollars market price.
Ripple Joins Hands with Global Sustainability Leaders
To help Ripple’s market position, the organization is taking some significant steps. Apart from the social media movement, XRP is also partnering with sustainability leaders to reach its objectives by 2030. The partnership includes REBA (Renewable Energy Buyers Alliance), Watershed, and the Energy Web Foundation. Ripple stated that the present financial system fails to help over 1.7 billion unbanked citizens.
DLT (distributed ledger technology) and digital assets can assist the sector in becoming more affordable, secure, and accessible. XRP claims to be a green cryptocurrency compared to the market leaders like ETH and Bitcoin. The crypto already has ties with NGO partners in 80+ countries, so the move is not out of character. If things go well, Ripple can establish a stable market position despite the adversaries.
Despite being a major cryptocurrency, XRP is still facing severe market fluctuations. The crypto fell almost 10% recently and hasn’t managed to show major growth since then. If the trend continues, Ripple might go as low as 1.19 dollars market value. However, the crypto has joined hands with multiple sustainability leaders to avoid such circumstances.
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Source: https://www.cryptonewsz.com/xrp-marks-massive-plunge-of-more-than-7-percent-in-24-hours/
