There is still a lot of uneasy momentum and uncertainty across all crypto markets this weekend. As long as Bitcoin remains in the red, most other coins and assets will follow its example. The XRP price, while usually a bastion of price stability, is seemingly losing some ground all of a sudden. A bit of an unexpected trend, albeit it remains unclear where things will head next.
XRP Price Drops to $0.285
Over the past few weeks, it seemed as if the XRP value would remain nearly flat near the $0.3 price level. For some unknown reason, that level of support has now been broken, and in somewhat spectacular fashion to boot. This is not a promising sign for all other currencies which are being dragged down by Bitcoin at this time. As such, it seems the coming weekend may become one to quickly forget first and foremost.
Over the past 24 hours, there has been a somewhat disturbing 4.1% decline in the XRP price. This is combined with a 1.11% drop in Bitcoin value. Although this latter aspect isn’t a big surprise by any means, one has to wonder why this is happening right now. The overall crypto market cap is also getting rather close to the $100bn level, and may very well drop below it before the weekend is over. This onslaught has been very tenuous so far, but it will remain in place for some time to come.
It would appear this most recent XRP price drop isn’t spooking too many investors or speculators, though. Lord XRP continues to hold high hopes for this digital asset and what the year 2019 will bring. There is no indication XRP will “moon” whatsoever, but those who are in deep need some sort of hope to keep the momentum going. A lot of things are happening behind the scenes, albeit none which could trigger a massive price increase right now.
People who dont read news
You can not explain that #xrp soon moons🙌
— Lord XRP🌊🔱⚡ (@Bitforcoinz) December 15, 2018
There has been another interesting XRP-related transaction which saw funds moved from the Ripple Escrow wallet to the OTC distribution wallet. There is nothing wrong with this behavior, as these transactions occur rather regularly. What is interesting, however, is how there is just a minor transaction fee of 0.005 XRP, which is significantly cheaper than any other offering on the market right now.
🚨 🚨 🚨 🚨 🚨 200,000,000 #XRP (57,885,607 USD) transferred from Ripple Escrow wallet to Ripple OTC Distribution wallet
— Whale Alert (@whale_alert) December 14, 2018
Last but not least, there has been an ongoing “meme” pertaining to XRP. As part of this meme, some users continue to claim this asset will hit a value of $589 or more by late 2018. That is a very troublesome prediction for many different reasons, primarily because it is very unlikely to materialize. As such, these messages need to be taken with a few spoons of salt first and foremost.
“These days are a good day to start with Major banks (from XRP Factory)”
— JackTheRippler🤫🐻🏦 (@RippleXrpie) December 15, 2018
Even though XRP is still a decently liquid market right now, its trading volume has been a fair bit lower than what one would expect. To date, it is also just one of two projects maintaining an eight-digit market cap before the decimal. That shows some signs of resilience, despite the current negative price trend. A very interesting market trend to keep an eye on, although it is unclear what the rest of the weekend will offer.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.