In the last 7 days, there was a major dip in the price of Ripple from about $0.800 against the US dollar. The price even broke the $0.7500 and $0.7000 support levels and traded close to $0.6300. A low was formed at $0.6307 from where the Ripple price correction started. It recovered above the $0.7000 level and gained an upside momentum.
Currently, the coin is trading at $0.7247 according to its hourly chart. The coin’s price increased by 5% in the last 24 hours, and by 70% from the recent lows of $0.60. The coin’s price broke the 23.6% Fib retracement level of the last wave from the $0.630 low to $0.7475 high. Ripple is attempting to close below an ascending channel with support at $0.700.
The coin has fallen from $4.5. However, most experts in the cryptocurrency world believe that it will reach and surpass these peaks. Moreover, with the current market cap being around $30 billion, there is great room for improvement.
Additionally, the firm is on a constant hunt for more clients. Moreover, they are also adding marquee name clients and banks around the world. Currently, many financial institutions are using its protocol in their payment and money transfer systems. Thus one of the main reason why the value is pretty undervalued. However, in the near future, as the platform’s adoption increases, the coin will be able to increase its market cap and value significantly.
The latest reports claim that Ripple (XRP) is gaining increased adoption in Asia, as well as the European Union. These firms plan to tap into the platform’s xVia API and build a well-defined narrow corridor that will be used in sending funds throughout Ripple Net. In addition, some of the companies planning to partner with Ripple include MoneyWatch, UniPAY, and Exchnage4Free. With the increased adoption and bullish moment, perhaps the Ripple price correction is likely over.
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