According to Coingape, the Ripple price saw slight gains and reached 0.30 briefly before it fell back to 0.29. Ripple has suffered badly the last week. It dropped from a start of 0.42 down to $0.293. The drop has come in spite of two pieces of good news. The price rose to $0.312 over the weekend but could not sustain that price and remained between the range of $0.30 and $0.29.
There were two items of good news. The Kuwait Finance House has successfully tested Ripple technology. Also, a lawsuit launched against Ripple has been denied. Nevertheless, the bears appear to continue their rule.
Ripple is the 3rd largest cryptocurrency with a market cap of about $11 billion. Daily trading volume has been about $207 million. The Coingape article suggests that XRP could test its August low of $0.288. According to CoinDesk’s data this has already happened.
Testing by the Kuwait Finance House
A loose translation off a video about the test says: “Your house (Kuwait Finance House) has successfully conducted the first blockchain financial transaction in Kuwait using the Ripple platform. The transaction was completed with an Al Rajhi (KSA bank) beneficiary as part of a successful trial and testing.”
The live version will be used after this successful testing and after the final approval of the Central Bank of Kuwait.
The other positive development was the rejection by a court of a lawsuit against Ripple. The order read: “Having read the papers filed by the parties and carefully considered their arguments and the relevant legal authority, and good cause appearing, the court hereby DENIES plaintiff’s motion.”
In spite of this good news, the trend is still down for XRP.
An article in Cointelegraph notes that Ripple’s price is continuing down towards a major support level of $0.24001. While bulls tried to hold the price at the level of $0.288 any attempt at recovery has been weak. The decline will probably continue.
The only thing that bulls have in their favor is that the relative strength index shows that it is very much oversold. But any rally will face strong resistance at several points. The best advice would be to wait to see when the price reaches a bottom rather than try to catch a falling knife!
The present price of Ripple or XRP can be found here.