XRP seems to have bumped into some bad moments of late but things might soon be looking positive for the digital currency.
Over the past 2 weeks, the crypto has been swinging around the $0.25 price before pulling ahead to achieve a 3% spike and hit the $0.265 high on September 14th. However, things soon started going south shortly after.
Over the weekend, XRP has had some stumbling market movements that could be interpreted as the crypto’s steam running out.
By the end of the weekend, the coin was already on its way back down to the lows. In the last 48 hours, it has shed off roughly 2% of its weekend value, a development that doesn’t quite inspire confidence.
Before the end of August, XRP was trading above the $0.27 price level and showing some signs of a bullish revival. However, at the end of the month, it fell under the mark and has been struggling to regain momentum since.
According to some fans, XRP’s troubles can be traced back to Ripple Labs itself, a company that produced the crypto and is now working to boost XRP adoption.
Ripple locked a huge portion of XRP supply in escrow accounts that release a billion XRP every month, a move that many have associated with the XRP’s dwindling price. Indeed, it’s not far-fetched to opine that some XRP whales are down by 90% – especially for those who bought in during the 2017 peak.
Despite the woes facing the crypto, XRP still remains the 3rd largest cryptocurrency by market cap, with a total circulating supply currently at 43 billion XRP and a 24-hour trading volume at $1.2 billion – according to data on CoinGecko.
At the time of this writing, the XRP bulls are striving hard as the digital asset is trading at $0.273 with a 24-hour gain of 5.9%. The gain, however modest, suggests that the crypto may be fighting hard to remain afloat and possibly overcome the $0.3 price level.