Ripple's XRP cryptocurrency price fell below $0.43 on Friday, which is a new low for 2018 calendar year.
The world’s third-largest cryptocurrency has saw highs above $3.30 when the market cap was over $800 billion and has since saw a rise back up to $0.46 in the last few hours with the recent crypto surge led by bitcoin spiking over $500.
Other top coins, based on market capacity aren’t faring any better too in terms of a year long snapshot so Ripple is now alone despite all coins going in the green for the time being. The only coin based on the recent slide based on market capacity out of the top 10 to see gains is Tether, which has seen a modest gain of 0.28% and wont vary too much as it is a stablecoin (controversial one at that). The price of the XRP token has not been in the forty cent range since December 2017.
The cryptocurrency market had lost over $9 billion over the past 24 hours as the valuation of the market dropped to $233 billion but has now spiked up to $256 billion at the time of writing.
Many were aniticpating a very bearish trend, seeing XRP could continue down the channel, testing a break below $0.42 and underneath it, a risky move towards $0.40. The coin is still facing sustained selling pressure despite bouncing up to nearly $0.47 currently. XRP traders can take long or short positions if the coin does break out of the above range, putting stops immediately above or below the key support and resistance levels.
Ripple has been adding new clients to its community on a regular basis. Not only that, but several financial structures and banks are thinking of adding Ripple as a means of payment and withdrawal all around the globe. As its community and user base grows, the coin which is currently undervalued will easily be the first choice of investment for crypto enthusiasts, even ahead of the big names such as Bitcoin and Ethereum.