The latest news about the $XRP cryptocurrency is causing great fear among $XRP coin traders.
The current trading price of $XRP coin is $2.36 and this price level is 230% higher during the last 30 days of the period. Notably, in the last 24 hours, the trading price of this cryptocurrency plummeted from $2.48 to $2.31, which means a net drop of -6%+ in the trading price.
Last week we reported that XRP was ranked third in this crypto space, just after the Bitcoin and Ethereum blockchains, but now the struggle phase of this cryptocurrency is quite visible.
The current market capitalization of this cryptocurrency is $134.23 billion, ranking fourth after the stablecoin Tether (USDT).
Now, it will be interesting to see how the price level of this cryptocurrency will struggle in the coming days, even though it recovered from the sudden drop.
In the latest development, San Francisco-based blockchain company Ripple has moved all of its December reserves of 200 million XRP, worth $500 million.
However, XRP recovered from the crash. This is increasing selling pressure and experts believe it could also affect the recovery phase and further price appreciation.
According to the experts’ analysis, the trading price of the $XRP coin can easily reach the price level of $2.91 and a low of $2.08.
Analysts noted that cryptocurrency traders should keep an eye on $XRP’s strong $2.2 buy wall; If this wall breaks, then fear will be at the highest level, so cryptocurrency traders should be vigilant in this uncertain phase.
Ripple Stablecoin
Ripple CEO Brad Garlinghouse confirmed the approval of the Ripple stablecoin ($RLUSD) by the New York financial regulator.
Garlinghouse predicted that the stablecoin could reach a market capitalization of $2 trillion by 2028. Ripple President Monica Long described the stablecoin as complementary to the $XRP cryptocurrency and Ripple CEO confirmed that Ripple will focus on institutional clients.
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