The long and ‘frustrating for many’ decline in Ripple price has finally come to an end as the XRP/USD bearish pressure has lightened for now.
Because of the bearish trend, Ripple price fell to a low of $1.60 from a high of nearly $4 just last week. According to statistics from exchanges offering XRP/USD trading, there was a cue of more bearish trend, however, that has receded for now with the cryptocurrency trading at $2.05 (global average).
Ripple price tested the $1.50 level and while many analysts pegged it to go down a lot more, the recent set of positive developments for Ripple has enabled XRP/USD to go on a bullish run.
There was no respite for Ripple price as it extended declines below the $1.75 level against the US Dollar. The price moved down and broke the $1.60 support level as well to trade towards $1.50. A low was formed at $1.5002 and it seems like the current bearish pressure is here to stay. A tiny recovery is underway from $1.50.
There were many resistances on the upside near the $1.75 and $1.80 level; however, Ripple surpassed all those to reach a high of $2.05 as of this writing. On the downside, the recent low of $1.50 is a decent support. XRP must hold $1.50 to avoid further declines toward $1.25 in the near term.
Some of the positive news that helped Ripple break the bearish trend and surge include its listing on Bitpanda, the biggest cryptocurrency exchange in Austria; and Ripple’s partnership with MoneyGram;