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XRP Bears Continue to Dominate, Price Fails to Reach $0.50 Again

Gaurav Roy by Gaurav Roy
August 8, 2021
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XRP failed to secure its position above $0.50 again. This indicates a stronger selling pressure for the cryptocurrency and a greater selling volume.

Ripple’s legal dispute against the United States Securities and Exchange Commission regarding the alleged unregistered securities sales of the XRP had adverse effects on the coin. Since then, it fell to the seventh position in terms of market capitalization on the leader board. And, XRP buyers couldn’t form a strong enough momentum to drive the prices higher again.

The market-wide recovery of cryptocurrencies managed to minimize the weekly losses of the XRP. However, it is still down by 3.7%. The cryptocurrency has failed to reach the $0.50 overhead resistance again as bears repeatedly assert their dominance in the market.

Caption: XRP price analysis have shown repeated wins for the bears

Caption: XRP price analysis have shown repeated wins for the bears

XRP was trading at $0.449 immediately after the decline, a 1.21% fall over the past day. Moreover, the price kept falling and is now trading at $0.445, down by a total of 2.5%. As of writing, the XRP is holding at a market capitalization of $20.41 billion with a 24-hour trading volume of $2.53 billion.

The daily moving average on the 24-hour char underwent a bullish crossover on March 6 after a short-lived price revival for the coin. Since then, the candles have been stuck between the price ranges of $0.41 to $0.50 despite the rising gauge between the two DMAs.

This is because of the 50-DMA’s resistance to the potential uptrend for the XRP despite repeatedly hovering near higher prices. The greater selling pressure also forced the session to close at a lower price. If the XRP fails to reach crucial price ceilings, support levels could come into play.  

If the bears continue their dominance, the XRP could test supports at $0.413. The next crucial support would be at $0.37, and if the bulls continue to fail in supporting this area, the price could drop to a low of $0.252 because of the lack of crucial supports before that level.

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Gaurav Roy
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Gaurav Roy

Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

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XRP News – Keeping You Up To Date With All Things XRP & Ripple

In the rapidly evolving world of digital finance, XRP stands out as a pioneering force, reshaping the landscape of cryptocurrency and blockchain technology. As a core product of Ripple Labs, XRP is not just a digital currency; it’s a breakthrough in how we perceive and engage with global financial transactions. This article delves into the essence of XRP, exploring its distinctive features and the reasons behind its growing popularity.

Unmatched Transaction Speed

One of the most compelling attributes of XRP is its unparalleled transaction speed. In a world where traditional banking can take days to process cross-border payments, XRP offers a stark contrast with its ability to settle transactions in mere seconds. This efficiency is a game-changer for both individuals and businesses, ensuring that funds are transferred quickly and seamlessly around the globe.

Low Transaction Costs

Another significant advantage of XRP is its incredibly low transaction fees. Compared to other major cryptocurrencies and traditional banking methods, XRP stands out for its cost-effectiveness. This feature makes it an attractive option for micropayments and regular international transfers, offering a more affordable solution for everyday transactions.

Scalability and Sustainability

Scalability is a critical factor in the cryptocurrency world, and XRP excels in this aspect. Designed to handle a large volume of transactions without compromising speed or cost, XRP is well-equipped to meet the demands of a growing digital economy. Additionally, its consensus protocol is less energy-intensive than the traditional proof-of-work used by many cryptocurrencies, making XRP a more environmentally sustainable choice.

Broadening Financial Access

XRP is not just a tool for efficient transactions; it’s a catalyst for financial inclusion. By simplifying and reducing the cost of cross-border payments, XRP has the potential to open up global markets to individuals and businesses who previously found these transactions prohibitively expensive or complex. This democratization of financial services is a cornerstone of XRP’s vision.

The Ripple Effect

Ripple Labs, the company behind XRP, is continually expanding its partnerships with financial institutions worldwide. These collaborations are not only a testament to the reliability and practicality of XRP but also a driver for its adoption in mainstream finance. As more banks and payment providers integrate XRP into their systems, its impact and relevance continue to grow.

A Community of Innovators

The XRP community is a vibrant and dynamic force, comprising developers, entrepreneurs, and enthusiasts. This community is at the forefront of exploring new use cases for XRP, pushing the boundaries of what’s possible in the realms of digital payments and blockchain technology.

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