XRP’s price continues to go south as the whole cryptocurrency market does. Even the top two cryptocurrencies – Bitcoin and Ethereum – have struggled to keep their prices. What does the future of Ripple look like? No one can tell, as experts and analysts can make predictions. But, based on what they see currently, it looks like the altcoin is not yet done down, so traders and owners of the coins are advised to expect high volatility from the altcoin.
Is it only Ripple that is going south now? Probably not. There are other smaller cryptocurrencies out there that have suffered major losses already. Take LUNA and UST, for example. These two coins have made the headlines recently because of their de-pegging and their losses reaching almost 100%. Why is it the case for the crypto market?
Right from the start, the cryptocurrency market has been putting disclaimers that the volatility is high compared to other trading assets. Since the beginning of 2022, Ripple has had its fair share of losses, but you might have also seen some small victories along the way.
It seems like an unwritten rule, but you have seen how the crypto market performed compared to Bitcoin. Since Bitcoin is also going downward, it is not long before almost the entire industry comes down.
Still, there is a chance of the “fade the rallies” movement. The selling pressure on the Ripple seems high compared to the buying pressure, which means that the bears have been gaining the upper hand for the past couple of days.
For the XRP to gain upward motion, it needs to break through the $0.50 resistance level, the $0.60 resistance level, and finally, the 50-day Exponential Moving Average. If the XRP cannot do this move, then there might be a chance that the coin will go down to the single-digit region. Worry not, though, since it is not anytime soon that it will happen. It remains a possibility, just like for any other coin as well.