It would appear virtually cryptocurrencies, assets, and tokens are on a Christmas discount sale today. A sea of red affects all rice charts. Even the XRP price has dropped below the $0.2 support level, but that shouldn’t discourage anyone.
The XRP Price Breaks key Support
It was a matter of time until all top crypto markets either moved up or down in a violent fashion. Bollinger Bands have been squeezed for some time, indicating a breakout in either direction would occur fairly soon. Unfortunately for most traders, the breakout is rather negative, resulting in significant losses across the board. Positive-thinking members will see this as a way to stock up on some cheap assets.
As far as the XRP price is concerned, the dip is rather steep. A near 10% drop has materialized in the past 24 hours. Due to this development, the value per XRP has dropped well below $0.2. It is the lowest value in over 12 months, but XRP isn’t the only market being affected in a negative way.
While some may see a XRP price of $0.1958 as problematic, others will take the opportunity to stock up. Cryptocurrency markets work in very mysterious ways, yet there is always money to be made when looking at the bigger picture. Those who are in it for the long haul won’t be deterred by this recent shift, after all.
Trading volume-wise, there is nothing to be concerned about. Over $705 million in trades over the past 24 hours is very healthy. Most traders occur on MXC, BIGONE, Sistemkoin, ZB, and Binance. Interestingly enough, four out of five markets are linked to USDT, rather than Bitcoin. One would expect altcoin markets to gain on BTC during this bear trend, butt hat is not always the case.
Some traders eye the long game where the XRP price is concerned. Crypto 589 deems this to be a “testing time” for those who “don’t understand the fundamentals”. There is a severe increase in utility for Ripple’s native asset, which shows the ecosystem is still growing. As far as the project’s fundamentals go, it would appear Ripple and XRP continue to check the right boxes.
What a testing time it is if you don't understand the fundamentals and where we are going. If you bought at 40c 80c $2 We are in a far stronger position now. Utility ramping changes everything. Don't buy because of a gobshite bear. Hold because of the fundamentals #xrp
— Lee XRP (@blockchain073) December 17, 2019
The positive news for Ripple and XRP is how it got mentioned in an official report by the Bureau of Consumer Financial Protection. The report clearly mentions how XRP can be of great value to the money transfer industry as a whole. This could have an impact on the XRP price in the long run, albeit it remains to be seen how all markets evolve moving forward.