Ripple is down by 2 per cent in the early hours of today’s trading session. The drop comes after yesterday’s strong push to the upside that resulted in a 6 per cent price increase for the cryptocurrency. However, looking at the bigger trend, the Ripple price has been aggressively bearish for weeks.
This month, the cryptocurrency has dropped 24 per cent extending the 27 per cent drop in May and the 28 per cent drop in April. The drop in Ripple price in the past few months has followed the wider cryptocurrency industry which has been aggressively bearish. In June, the bearish trend has become more aggressive due to the current economic factors such as turbulence in the financial markets, inflation, and rising interest rates.
This has caused most investors to become cautious and sell off their cryptocurrency investments. There have also been recession fears in recent months, which has also contributed to the current drop in the cryptocurrency industry.
Ripple Price Prediction
The most recent Ripple price falls have been fueled mainly by current events such as the global economic outlook and Fed actions. Therefore, with no signs of an improving economy, there is a high likelihood that we will see a continued drop in ripple prices.
In today’s trading session, the crypto is down by 3 per cent. The drop is a resumption of a long-term bearish trend that has persisted for weeks and resulted in a 24 per cent price drop in June. Currently trading at $0.31, I expect the current bearish push to continue partly due to the current economic factors such as inflation, turbulence in the financial market, and rising Fed rates.
There is a high likelihood that we will see the prices of Ripple trading below the $0.20 price level in the next few trading sessions. However, should the current economic outlook improve, then my bearish trend analysis will be invalidated. The improvement will also trigger another bull run for the cryptocurrency industry, which will see the price of Ripple rise.
Ripple Daily Chart
