Ripple’s XRP not only failed to rally during the highly anticipated Swell conference this year, but actually sank by 16% shortly after. But can the price recover, or will see the asset slump even further?
XRP Eyes $0.25 in Current Trend
The XRP market price is among the few to mark double-digit drop since the start of 2019, extending the losses to around 30%. The asset has promised use cases and utility, but this failed to support trading interest.
XRP so far has struggled to hold even above the $0.30 mark. The conference also did not offer new optimism on XRP. Currently, the coin’s use case is still uncertain, as Ripple Net became the unified Ripple product where the coin may be used optionally.
XRP traded at $0.27, on relatively small volumes of about $1.7 billion per day. The asset lost some of its support as Korean traders abandoned highly active speculation, and the coin was left to find new markets.
In 2019, Ripple’s token repeated previous periods of almost no price movement. But in the past however, the asset jumped spectacularly from sub-penny prices, causing a huge commotion. Now, outlandish predictions are not entirely abandoned on social media, and the Ripple community is strong as ever.
So many people on here are bitching that #XRP will never hit $10-$50 even $100 because it can’t even stay above .30! When it moves it’s going to be so fast it will melt faces! You whiny little bitches just better hope you have your big boy/girl pants on when it goes! #XRPcreche
— BrumDogMillionaire (@BrumDogMillion) November 9, 2019
The potential for large amounts of XRP to dump on the markets has remained one of the biggest problems standing in the way of the asset’s future price prospects.
Like and retweet if you would like for Ripple executives to stop dumping #XRP so price can finally move up.
— CryptoBull (@CryptoBull2020) November 12, 2019
The other reason for Swell’s failure was that all eyes were also on Stellar (XLM), which appreciated fast to…