Recently, XRP has been experiencing significant fluctuations, which prevents him from gaining stability. After sharp changes in prices, Altcoin experiences difficulties with recovery.
We figure out what is happening on the Ripple (XRP) market and what to expect from the price of cryptocurrency.
XRP rests on bitcoin
Since March, the rate of adding new addresses for XRP has significantly decreased, which indicates a decrease in the interest of new investors. A little more than 4,000 new addresses are added daily, and XRP growth slows down. This reflects the general uncertainty in the market, where investors are in no hurry to invest in an asset without a clear direction.
The restoration turned out to be weaker than expectations, and the general mood around the XRP remains sluggish. The lack of significant interest on the part of the new investors is explained by a protracted descending trend of the last month.
Now XRP has a strong correlation with bitcoin at 0.86, which can be beneficial for altcoin. If bitcoin continues to increase at $ 110,000, XRP can benefit from this dynamics.
If Bitcoin retains the bull trend, XRP can also be revived, as it usually repeats the price dynamics of BTC. This strong correlation can bring some relief to XRP holders.
The price of XRP seeks to restore
At the time of writing, the XRP is traded at $ 2.16, holding on above the support of $ 2.13. This level helped to avoid further fall, and probably XRP will be consolidated above it. The next resistance at the level of $ 2.23 can limit short -term profits if it is not broken.
If bitcoin continues to grow, XRP can overcome the resistance of $ 2.23, opening the way for further growth. This will allow Altcoin to challenge the barrier $ 2.27, which was previously strong resistance. Sustainable growth can push XRP to higher levels, depending on market conditions.
However, if the market conditions do not improve, the XRP may fall below $ 2.13. In this case, the price may decrease to $ 2.08, repeating the recent fall. The fall below this level will indicate the further weakness of the XRP and can cause additional sales among investors.
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Source: Cryptocurrency
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