This week, Ripple’s XRP achieved its 2019 all-time high by trading at $0.4802. This is after the asset managed to break the $0.4200 resistance level. However, moments later, XRP appeared shaky with a downward trend being witnessed.
By the time of writing this article, XRP was trading at $0.372 with a market capitalization of almost $16 Billion. Already, XRP has tested the $0.3740 support zone with a swing low forming at $0.3745 with price bouncing back.
Based on the current price, XRP is facing some pressure under the $0.4200 support level, the price of XRP has surpassed the $0.370 mark, and this is a signal of a new rally. This mark means that the bulls are containing any further losses for the third-ranked cryptocurrency.
In the event the loss move to below $0.37, XRP might trade at the $0.34 support level. On the other side, if the $0.4200 resistance levels formed earlier is achieved, XRP might break the $0.4450 mark providing room for another high of $0.4802. We can then easily expect XRP to hit $0.5 level.
Despite the lack of stability, XRP community is optimistic that the crypto will reach new heights. It is important to note that at some point in 2018, XRP surpassed Ethereum to occupy the second spot among digital assets.
The platform is mainly used to power faster cross border transactions with minimal costs. Ripple has partnered with leading banks and IT firms. If we have continued adoption of the Ripple technology among institutions, then the value of XRP will increase.
Recently, Ripple partnered with Tata Consultancy Services (TSC) an Indian IT firm. This is an indicator that investors are putting faith in the crypto. Similar partnerships in the course of 2019 will see the coin value hit $1.
Note that the price movement of the crypto market majorly depends on Bitcoin. If Bitcoin’s good prospects continue, then we should expect assets like XRP to perform better.