The cryptocurrency market is once again sliding into the red. Most of the mainstream cryptocurrencies are down anywhere from 8% to 10%. Bitcoin (BTC) is down as well. Similarly, when you look at ripple (XRP), it is trading down by 8%. It is currently trading around $ 0.3574. The question is whether it will be able to defend its monthly low.
Will Ripple (XRP) be able to defend its monthly low of $ 0.32 amidst cryptocurrency sell-off?
Right now, Ripple (XRP) is trading around $ 0.3574. It is down by approximately 8%. If you look at the low which is made by ripple (XRP) in the past 30 days, it is around $ .33. Needless to say, it will act as a support when ripple (XRP) moves downwards from here. From these levels, it is just 6% away. That is why the traders are consistently monitoring whether this support will be held or not. If indeed, the support will be held, it will become very easy for ripple (XRP) to become one of the fastest mainstream cryptocurrencies to bounce back.
On the other hand, if this support is broken ripple can head lower. The next support in such a case will be around $ 0.2850. This clearly indicates that it will head significantly lower once this support is broken. Considering the fact that most of the cryptocurrencies are trading in the red and the correction might have resumed once again, it is very difficult for ripple (XRP) to actually defend these levels. The general perception is that it will head even lower.
With Bitcoin (BTC) losing value at almost the same pace as ripple (XRP), any kind of recovery is difficult to come by. This is one of the main reasons why not many investors and traders have any hope that the cryptocurrency markets, in general, will recover anytime soon. If the downtrend continues, there might be a breach of $ 0.2850 as well. In such a case, not many of the traders and investors will be bullish even for the long-term prospects of Ripple (XRP). This is the reason why it remains to be seen whether Ripple (XRP) is able to bounce back swiftly or not.
If it holds on to any of these supports, there is an increased likelihood that irrespective of the market falling, even more, Ripple (XRP) might be able to stabilize.