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The future of XRP remains vaguely uncertain as the coin dips below $0.30 consistently

XRP is ranked at #3 right after Ethereum but above Bitcoin Cash on coinmarketcap. The price of XRP plunged by 10.07% in the course of the past 24-hours. The trading volume recorded is $1.885 billion, while the supply has 42,890,708,341 XRP coins in play. The total market cap of XRP is $11.382 billion, whereas XRP is priced at $0.265393 for now.

After managing to stay afloat a day ago, the price slumped yet again. Even as Brad Garlinghouse, the CEO of Ripple celebrates latest deals with centralized banking institutions, the coin has failed to show its worth to investors for the past 2 years.

The daily RSI [for 10 periods] is at 20.77 which indicates that XRP is in oversold territory. This points to sellers being in control of the market. A day ago, the RSI had sunk below the 30 mark. The MACD line declined below the signal line, as the red histogram sprang up beneath the zero line. All these movements point to bearish pressure being prevalent in the market. These conclusions are drawn after observing the candlestick chart for the XRP/USD pair on tradingview.

The space between lead 1 and lead 2 [for the Ichimoku Cloud which is currently red; has been 30th July] has also been growing, which indicates bears becoming more effective with every passing day. Support can be found near the $0.237 mark, but further losses will bring XRP down to $0.2.

Tone Vays, a well-known analysts and HODLer has been critical of Ripple Labs since time immemorial. He has been happy ever since the SEC has considered listing XRP as a security token. Recently, he had a heated debate with David Gokhshtein, an entrepreneur who is a fan of xRapid and other solutions by Ripple.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.