The price has dropped from $ 0.30 to $ 0.29 according to a Coingape article. However, according to CoinDesk, which uses an average of several stock exchanges, XRP opened today for only $ 0.28.
According to Coingape, the price of Ripple saw slight gains and reached 0.30 briefly before returning to 0.29. Ripple suffered badly last week. It fell from a start of 0.42 to $ 0.293. The decline came despite two good news. The price rose to $ 0.312 over the weekend, but was unable to sustain this price and remained between the range of $ 0.30 and $ 0.29.
There were two good news articles. Kuwait Finance House has successfully tested Ripple technology. Furthermore, a lawsuit against Ripple was denied. However, the bears seem to continue their domination.
Ripple is the third largest cryptocurrency with a market capitalization of around $ 11 billion. The daily trading volume was around $ 207 million. The Coingape article suggests that XRP could test the August low of $ 0.288. According to the CoinDesk data this has already happened.
Test of the Kuwait Finance House
A free translation of a video on the test says: "Your home (Kuwait Finance House) has successfully conducted the first blockchain financial transaction in Kuwait using the Ripple platform.The transaction was completed with a beneficiary Al Rajhi (KSA bank) as part of an experimentation and successful test. "
The live version will be used after this successful test and after the final approval of the Central Bank of Kuwait.
Another positive development was the rejection by a court of a lawsuit against Ripple. The order read: "After reading the documents deposited by the parties and carefully considering their arguments and the relevant legal authority, and the good cause that appears, the court hereby declares the plaintiff's request."
Despite this good news, the trend is still falling for XRP.
Analysis of Cointelegraph
A Cointelegraph article notes that the price of Ripple continues to decline to an important support level of $ 0.24001. While the bulls tried to keep the price at $ 0.288, any attempts at recovery were weak. The decline will probably continue.
The only thing that the bulls have in their favor is that the relative strength index shows that it is very oversold. But any demonstration will have to face strong resistance at different points. The best advice would be to wait to see when the price reaches a bottom rather than trying to take a knife that falls!
The current price of Ripple or XRP can be found here.