At its highest peak in January 2018, Ripple's token fully enjoyed its status as a powerful altcoin. Proud to position itself in third place of the largest cryptocurrencies by market capitalization, the token was especially solicited for its ultra-fast transaction system. A token was then exchanged for more than $3 per unit.
At the end of the Swell 2019 event in Singapore, which was to strengthen the growth and adoption of the token via a conference bringing together the "most trustworthy voices in the world of financial services, payments and technology", the XRP price has sunk to the point of breaking the support of $0.25.
Effectively, the XRP followed the falls of Bitcoin (6% drop) and other renowned tokens such as Ethereum (8% drop), EOS (9% drop) or even the LTC (8% drop), and recorded its worst results since September with a decrease of 5%. The main responsible party would appear to be China which talks about a cryptocurrency trading ban in Shanghai, deal to follow.
A resistance that may persist
The dramatic drop in XRP can be seen as a wake-up call for users, as the $0.25 support was broken, resulting in even lower levels. This level of 0.25 dollars, which is therefore no longer a support, is also very likely to become resistant. In this perspective, it indicates from which point a future rise could bump and rebound downwards.
The company's number founder, Brad Garlinghouse believes that this is a temporary ripple and beyond that, the XRP could not die! In fact, he reiterated in a statement to Bloomberg that 99% of cryptocurrencies will survive in the future and that only tokens "having a real use case" will continue to mark the market by their presence, like the XRP. However, the community supporting Ripple's XRP had strongly questioned the foundation last August 2018.
Users should no longer be surprised by the rather frequent violent price changes in the cryptocurrency market. China appears to be positioning itself as a player that greatly varies the price of the entire market with its statements (whether positive or negative). Moreover, at the beginning of November 2019, the XRP received praise for its weekly transaction volume, which posted an impressive 80% increase.
