- Ripple price joins the rest of the market in exploring the rabbit hole; heads towards $0.4.
- Bitcoin is overreacting to Bitcoin Cash hard fork and dragging the market with it.
The storm in the cryptocurrency market has not calm despite last for at least a week. Digital assets have suffered greatly following the uncertainty caused by Bitcoin Cash hard fork. Bitcoin price broke down further yesterday sliding below $5,000. At the time of writing, Bitcoin is trading 3.82% lower and heading towards $4,500.
Ripple (XRP) on the other hand, has been one of the best performers in the market amid the dropping prices. In fact, as Bitcoin and Ethereum explore new 2018 lows, Ripple has remained stable above $4.4. However, the ongoing declines are becoming overwhelming for the digital asset which has embarked on a sharp drop move below $4.5. The trendline support at $0.48 has given in to the selling pressure paving the way for losses below the previous support at $0.44. At the time of writing, XRP/USD is exchanging hands at $0.43. A reversal is required above $0.45 for XRP to start a correction above $0.5.
One of CNBC’s hosts for “Crypto Trader” Ran Neu-Ner recently said that “at this rate XRP will be in the number 1 spot by Friday.”
This comment comes at the time when the market was declining and XRP was holding stable showing the industry how to HODL and not lose value. The asset also corrected higher in market capitalization to become the second most valuable digital asset. Ran Neu-Ner earlier in May this year bashed XRP while on CNBC’s “Fast Money” as a guest. He stated:
“I’m throwing it in the garbage… I can’t find a use case for the token… I’m out.”
XRP/USD 60′ chart
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