As 2019 commenced, most major cryptocurrencies rallied to the tune of Bitcoin [BTC] and so did XRP. However, while most major altcoins reported a positive YTD returns, XRP failed to register positive yields. The bearishness of the market escalated on 24 November when the impact of a tumbling Bitcoin price was felt by other coins.
XRP began 2019 from $0.36 and as Bitcoin started to pump in April so did the rest of the market. The speculation at the time was XRP may re-visit its previous ATH, however, that wasn’t what followed: XRP reacted to the boosting BTC price and rallied by 65.61%. This growth took the price of XRP from $0.3071 to $0.5086. The immediate price correction put the coin on a downward slope.
Apart from the cyclic rise and fall of XRP, the coin fell on 24 November and reached a two-year low at $0.20041. Bitcoin’s almost 7% loss in hours was reciprocated in the market, as XRP noted an 11.73% fall that pushed its price down to $0.20041. The coin has not dipped this low since 2017 and has produced a buying opportunity in the market.
— XRP [🐻bearish] 🎲VEGAS 🎰 (@funkybadchad) November 25, 2019
While Alex Cobb, a prominent proponent of XRP thinks that this could be the catalyzing energy required for the lift-off of the coin, like in 2017.
Dare I say, “the final shakeout”
December 8th, 2017 XRP/USD daily chart, what happened before the big burst pic.twitter.com/SpZKT4bVDI
— Alex Cobb (@AlexCobb_) November 25, 2019
XRP’s ascent in the market
The third-largest cryptocurrency entered the market in 2014 and was dormant for a long time since. According to the data provided by CoinMarketCap, the coin recorded an all-time low at $0.002802 on 7 July 2014. The coin worked its way upward and in 2017-2018, XRP’s price was an all-time high at $3.84.
However, the correction that followed the sudden surge caused the price of the coin to be restricted to $1 range. In 2018, XRP’s YTD return was noted to be -84.33%, where the price dipped from $2.21 to $0.34. Thus, when the new year arrived XRP started its journey from $0.36.
XRP low- a buyers’ market
There have been various traders predicting a pump incoming for the coin, while the other part of the community has been worried about the price. However, the fall has opened a buyers’ market as the coin was valued at $0.20704, at press time.
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