Ripple: When Will It Bounce Back?
Lately, Ripple (XRP) has published its quarterly report. According to the company, the cryptocurrency is noting a considerable growth. However, the price of it is dropping. So, what has happened? What will we see next?
Ripple (XRP) is another cryptocurrency in our new segment where we analyze the most popular digital assets. The last time we took a look at Bitcoin’s chart.
On April 24 this year an American technology company Ripple, summarizing recent market events, released the report for the first quarter of 2019. Comparing the data from the fourth quarter of 2018, it has been noted that the sales of XRP increased by over 30%. Furthermore, it was revealed that the number of cryptocurrency exchanges on which XRP is listed increased to around 120 worldwide.
However, the data mentioned has not improved the investors’ sentiment in a significant way. The quotations reached the February holes and thus broke the long-term upward trend determined by the next levels of support from August 2018.
Further declines or potential growth?
The above entails a more likely scenario that there are going to be further declines. However, the current struggle in the vicinity of 0.30800 speaks in favour of the bulls. If this succeeds, we can expect an increase up to 0.33800, the level which was already exceeded in February and March this year.
On the other hand, if the visible consolidation at the current levels (which is essential to maintain the upward trend) are not be defended, we can expect the activation of the supply side and declines to the August support, that is 0.25000.
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