Crypto News

XRP Plunges 6% Despite Network Being “Stronger Than Ever”

After a brief attempt to climb above its strong resistance level at $0.30 earlier this week, XRP faced a strong and swift rejection and is now moving down towards its monthly lows that currently sit around $0.26.

This bearishness has come about in the midst of Ripple’s highly anticipated Swell event, and as the Ripple CEO announced fresh deals involving XRP that, according to him, have made the XRP network “stronger than ever.”

XRP Plummets 6% as Bears Take Control

At the time of writing, XRP is trading down nearly 6% at its current price of $0.27, which marks a significant retrace from its daily highs of roughly $0.30.

Earlier this week, XRP’s bulls attempted to propel the cryptocurrency past $0.31, which ultimately proved to be a fleeting move that was closely followed by today’s bearish movement.

It is important to note that XRP is not alone in facing mounting selling pressure today, as Bitcoin has similarly faced a sharp sell-off that sent it plunging from the lower-$9,000 region to lows of $8,800.

BTC’s drop instantly sent shockwaves through the aggregated crypto market and has led virtually all major altcoins to post similar losses.

For XRP, it is important to note that this bearishness came about shortly after it had attempted to validate a long-term bottom formation that analysts had been closely watching, which means that today’s move invalidated this bullish possibility and may spell trouble for its near-term price action.

Peter Brandt, a highly regarded analyst, recently pointed to this since-invalidated formation, saying:

“This chart interpretation remains valid — $XRP is taking another run at a breakout.”

Ripple Expands Network, But Investors Aren’t Impressed

XRP’s ongoing drop has come about concurrently with Ripple’s Swell event, where the company announced that they already have over 300 customers, with over two dozen utilizing XRP-related products.

Brad Garlinghouse – Ripple’s CEO – spoke about this in a recent tweet, explaining that the network is “stronger than ever” and continuing to grow.

“Good things come in 3s – at our 3rd annual Swell event we announced @Ripple has more than 300 customers, more than 2 dozen of which are using #XRP through On-Demand Liquidity. The network is stronger than ever, and momentum behind ODL is only beginning,” he explained.

Clearly, however, investors are not impressed by Ripple’s progress in building utility around XRP, as it has been one of the worst performing major altcoins in 2019, and only time will tell as to whether or not the company’s progress will ultimately be reflected in XRP’s price.

Featured image from Shutterstock.

The post XRP Plunges 6% Despite Network Being “Stronger Than Ever” appeared first on NewsBTC.

Related Crypto News

Analysts are Cautious of the Crypto Market’s Latest Push Higher; Factors to Consider
The aggregated crypto market saw a sharp rise today fueled by widespread liquidations of short positions This movement came...
Analyst Who Called Bitcoin Drop to $3,000s Expects Another Brutal Bear Market
Bitcoin has rallied strongly since the $3,700 lows established in March. From the bottom of the crash, the cryptocurrency...
LG Shows Interest in Distributed Ledger Technology, Joins Hedera Hashgraph Governing Council
South Korea’s electronic giant exhibits interest in distributed ledger technology. LG Electronics has joined the governing council of Hedera...
Lithuania’s Central Bank Completes Blockchain Regulatory Research
The Bank of Lithuania finished its research phase on the LBChain’s blockchain project that aims to provide a regulatory...
Ethereum Network Use Hits a New All-Time High — Will ETH Price Follow?
Interaction with the Ethereum network recently hit an all-time high but the increase in gas usage may pose problems...
GRX Group’s GRID Platform Hosts its First Tokenized Security
Digital advertising platform tribeOS launched its shares as tokenized securities on GSX Group’s GRID platform. Adtech firm tribeOS launched...

Featured Crypto News

Digital Currencies Could Threaten US Geopolitical Power, Warns JPMorgan
“There is no country with more to lose from the disruptive potential of digital currency than the United States,”...
Ethereum Could Stage Strong Rally As Double Bottom Pattern Emerges
Ethereum nosedived below the $202 support zone against the US Dollar. ETH price revisited the $192 support and it...
Bitcoin Traders Now Eye $6-7Ks After 4 Failed Attempts to Break $10K
The price of Bitcoin is set to test lower levels as support after numerous attempts to break $10,000 have...
Huobi, OKEx and Upbit Join Top 10 in Messari’s ‘Real Volume’ Revamp
Messari adds 10 new exchanges to its ‘real volume’ metric and overhauls methodology. Crypto data and research platform Messari...
Bitcoin Bulls Defend Against a Drop Below 200-Day EMA; What Comes Next?
It has been a rough day for the benchmark cryptocurrency. After flashing some signs of weakness, Bitcoin briefly dipped...
3 Signs Show Bitcoin on Verge of Macro Upsurge, Making $20k Imminent
After attempting to break decisively past $10,000 for the second time in a week, Bitcoin was rejected, plunging as...