Ripple Price Forecast: XRP / USD Stabilizes At $ 0.16
There was little movement today in the crypto market. Price volatility has dropped significantly and it appears that the severe crisis of two weeks ago is now followed by a longer stabilization phase. The prices of the most important Bitcoin and altcoins have moved sideways in the past 24 hours. Bitcoin and Ripple are up slightly, while the other 10 main altcoins have minimal losses by market capitalization.
The most important facts about the evolution of the XRP / USD exchange rate
Ripple (XRP) is currently trading at $ 0.1611, continuing its side phase which has now lasted just under two days. The price initially stabilized at $ 0.16. There was a significant price gain for the entire trading week, mainly due to the large increase from March 19 to March 20. In this time corridor, the price has gone from a good $ 0.14 to more than $ 0.17 in the meantime. However, this level could not be fully maintained. The bottom line is that the XRP / USD price increase over the past seven trading days is 8.3%.
Let’s take a look at the most important facts about the evolution of the XRP / USD exchange rate during the last trading week:
- Last week’s maximum price was $ 0.1726 on March 20 at 12:03 p.m. CET.
- The trading week low reached XRP / USD on March 18 at 7:28 p.m. CET at $ 0.1434.
- Last week’s median price was $ 0.1580.
XRP is currently trading above the weekly average. Nevertheless, a price of just over $ 0.14 is still not satisfactory for Ripple investors given the highs already reached this year. On February 14, Ripple was already trading at $ 0.3333 and, on the other hand, lost much more than 50% in value. Compared to the start of 2020, there is also a clear downside for investors. Compared to $ 0.1926 on January 1, the price dropped approximately 25%.
In any case, investors have to look back a long time to find an XRP / USD exchange rate of $ 0.14 in the history of the chart. It was the last time in May 2017 and so it is almost three years ago. As a reminder, the XRP / USD exchange rate was $ 3.4 in January 2018. There are only a few percent left. In positive terms, XRP still has huge potential at the current price level.
Investors now hope that the bottom of the coronavirus crisis has passed and that prices will soon recover.
Latest news on Ripple
Despite the current development, Ripple’s confidence does not seem to have been lost. Ripple director Asheesh Birla has now said that Ripple Labs wants to be “the Amazon of the blockchain”. At first glance, the comparison with the online giant seems somewhat exaggerated, but Birla seems certain of his case. He believes there will be a huge boost to blockchain technology over the next two years, in which Ripple can participate, as he explained in an interview with SiriusXM.
It remains to be seen whether the XRP / USD exchange rate will soon benefit from Birla’s forecasts. As always, altcoin investors should always keep an eye on prices so that they can react to price changes in good time.
The pricing information in the article is based on CoinMarketCap cryptocurrency graphics at the time of article publication.
Image source: The picture by BeatingBetting