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In the world of cryptocurrencies and digital assets, adversity is nothing new whatsoever. Every year, we see the cryptocurrency market go through a very bearish period before it rebounds slowly. In the face of this current adversity, many people expected the XRP price to drop back below $1. So far, that has not happened just yet. Although it is only hanging on by a thread, the XRP price refuses to give in, for the time being.
XRP Price Refuses to Budge
It is evident the XRP price has appreciated in value by quite a margin over the past six months. Although we are miles away from surpassing $3 or even higher values, the current momentum should not be dismissed either. It seems the entire cryptocurrency market wants to push the XRP price below $1 again because itās a ābankercoinā, but so far, those efforts have not had much success yet. There is enough bearish momentum in the market to keep chipping away at the XRP price resistance near $1, though.
More specifically, the XRP price has been on a slow and steady decline over the past week. This is also true for any other cryptocurrency or digital asset in the world today. It seemed the XRP price would successfully resist the downtrend at $1.80, butt hat support eventually had to give way. After surpassing $1.20 as well, it became evident this situation could go from to worse rather quickly. At that time, a future XRP price of $1 or far lower seemed to loom overhead.
So far, the XRP price seems to hold its own above $1, although that also may be just a matter of time. At one point this morning, the XRP price effectively broke through the $1 support, but it was pushed up again rather quickly. There is a very real battle for control taking place behind the scenes, but no one knows for sure if the efforts will be in vain when everything is said and done. So far, it seems this a pointless battle, but one never knows how things unfold in the future.
With over $5.5bn in 24-hour trading volume, Rippleās XRP remains one of the hottest commodities across all cryptocurrency markets. No one can deny they are paying attention to the XRP price, even if itās just to gloat over how the ābankās attempt to destroy cryptocurrency from withinā is failing. Such claims are absolutely ridiculous, but it does reflect the overall sentiment among cryptocurrency enthusiasts right now. Everything is dropping in value and most people want to drag the XRP price with them.
Nearly 34% of the XRP trading volume originates from Bithumb, where the XRP price still holds the $1.20 support line. Upbit is in second place, and Bitfinex is the surprising third entrant on this list. Few people expected the XRP/USD trading market to generate over $420m in volume right now, but that is what makes this market so interesting. One should always expect the unexpected and make the best of the situation they are dealing with.
For now, it remains to be seen what will happen to the XRP price. As unfortunate as it may sound to some, it may not dip below $1 this round. That will heavily depend on how all other markets evolve in the coming days, though. With slightly more bearish pressure, we will see the Bitcoin price dip below $10,000 before XRP hits $1 or lower. It is not a fun scenario to think of, but this market is in a full-on panic mode right now.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.