Ripple, currently ranked the third largest cryptocurrency by market cap, has been one of the most popular names in the cryptocurrency markets. The currency’s meteoric rise last year fizzled out over the first quarter of 2018 and prices are back to sub-$1 levels. However, the recent bull-run has led to a recovery in Ripple price – as the currency has now found a new, strong support at $0.65.
The currency’s price had hit $3.75 at its peak – but it was a downhill ride from there, as Ripple fell to a low of $0.4 in early April. However – a strong wave of bullish momentum has since helped the currency recover and prices have risen to a point where Ripple has found a sturdy base.
Over the past 24 hours, Ripple’s price has risen by 1% – as the currency went from $0.657 to $0.665. Ripple’s market cap too, felt this rise – as the market cap went from $25.7 Billion to $26 Billion over the day. Ripple continues its slow surge forward. While the 24 hour trading period wasn’t so exciting, the week-long growth has been rather impressive.
Ripple, over the past week, grew from $0.489 to $0.665, with the highest point of the week coming early on, when the currency hit $0.693 momentarily. Ripple’s market cap over the week went from $19.2 Billion to $26 Billion, peaking mid-week at $27 Billion. It has been a good week for Ripple prices.
Moving forward, it is expected that Ripple prices have developed a strong support at $0.65 and are not expected to fall below this point unless something drastic happens. The currency is now eyeing the $1 mark – and those investing in Ripple must target $0.69, $0.76 and $0.82 targets for now – and then keep increasing them based on the currency’s performance. As always, a stop-loss is recommended.
Ripple’s massive growth in late 2017 earned it a number of investors and backers over the months. The currency may be down to a fraction of what it used to be when it hit the all-time high, but the markets have realized the massive potential of growth. Keeping this in mind, this is indeed a great time to buy Ripple – as the prices are all set to rise from here on.
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