Back when the Crypto market experienced its first major boom, three companies stood out the most. These included Bitcoin, Ethereum, and Ripple. Each of these coins brought something unique to the table, and had managed to garner significant amounts of support. But while Bitcoin and Ethereum continued to stay in the mainstream, Ripple very much fell by the wayside.
Despite its incredible support and amazing bulls, it was never able to push past the $3 mark. But now, Ripple is finding it very hard to keep above the $1 price mark, as it experiences one of the biggest drops in its history.
XRP dropped by more than 20% to $0.84, which was quite a devastating blow for them. And even though their bulls tried their best to keep the prices high, they were only able to marginally slow down the downward trend. In fact, the 20% drop has occurred despite the bulls trying to slow the descent.
Ripple even tried a false break out, which would help it get out of the downward trend that it was experiencing. However, the breakout turned out to be unsuccessful, and Ripple failed to move past the blue trendline. While this is certainly not the last that you will be of Ripple, as it is very likely that it can bounce back. But with the current state of the company the possibility of that happening is quite slim.
One of the reasons that people believe Ripple has been suffering is the sudden entrance of Bears. More specifically, people believe that the bulls of the Ripple token fell into a bull trap. Bears will take advantage of this time and try to drive the price even lower than what it currently is. In fact, these bulls have been struggling to get the price back up to $1.10, before the bears go in. The best that most bulls can hope for right now is to stabilize the price as much as possible.
Of course, this is the cryptocurrency market. Therefore, cryptocurrencies do not just stay down, and can usually bounce back from their price dips. Ripple Bulls are looking forward to a second attempt at trying to get the prices back high. Even the 55 day SMA has not done many favors for ripple in the past. And even if it does work out, experts believe that it will still not be able to break through the $1.10 ceiling.
Ripple was, and still is, one of the biggest cryptocurrencies in the market. But with the current trend that it has been going on, chances are that it will soon fall into obscurity. Fortunately, there is still a chance for XRP to move out of this slump and bull forward.