The Ripple price (XRP) was 20% lower in European session trading on Thursday as Bitcoin led the market lower. Ripple’s market cap hit the highest level since June 2018 this week and now trades above $0.5000.
Although Bitcoin has failed to see an all-time high in price, the coin still made new highs in market cap around $356 billion. Bitcoin has seen volume highs of $55 billion over the last two days and it’s possible that this price drop has been driven by whale investors who want to take profits at this level. One reason could be an expectation that the U.S. dollar may rebound.
The price move lower in XRP is indicative of the liquidity gap that last week’s move can create. If traders rush in to fill that gap then there is a chance that this could simply be a volume-driven pullback but we will find out in coming trading sessions. The growth in crypto demand related to PayPal is real and volume spikes cannot deny the path ahead for wide-scale usage as a payment system.
Ripple Price Technical Outlook
XRP broke above the $0.300 resistance and soared to the $0.0900 level briefly. The price gains have been capped at $0.700 and the sell-off now has the price at $0.500. Above the $0.300 level still gives the potential that this is a pullback. The Investing Cube team is currently available to help all levels of traders with the Forex Trading Course or one-to-one coaching.
Ripple Price (XRP) Daily Chart