Ripple [XRP] pulls a ‘Revenant’ and fights the bears

Ripple [XRP] continues to struggle to break the $0.70 resistance with power. It has brushed against it at times over the past few days after its dip on May 16th below the resistance.

It has tried to break past it twice, once on May 16th and once on May 17th. The second one proved more successful than the first, with the coin staying above the limit for about 8 hours before dipping back down and hovering around the high $0.60s.

It is currently trading at $0.69, with a 0.83% drop in price over the last 24 hours. It has taken a huge hit over the past week, with a 13.32% depreciation in cost. This puts it at the position of 5th least profitable coin over the last week.

The market experienced continuous attacks from bears last week, which was populated with extreme levels of FUD. All major coins took a hit, as can be seen by the change within the last week. All top 15 coins by the overall market cap are showing red with loss rates of above 10% except for DASH and Ethereum [ETH].

XRP attempted to fight off the bears, starting the week with a high of $0.80 on May 10th. It saw a huge drop to $0.66 from $0.75 on May 11th, not fully recovering the $0.70 mark until May 13th.

Ripple's 7-day chart | Source: CoinMarketCap

Ripple’s 7-day chart | Source: CoinMarketCap

It began with an uptick after an abysmal showing in the first half of the week, leading investors to believe that it could break out of the bearish run pattern determined in the market. It went up to a high of $0.75 on May 13th, and steadily maintained oscillation above the $0.70 mark for the next 2 days, before taking another hit and going down below the $0.70 mark to $0.67 on May 16th.

It did not regain its $0.70 value despite brushing the mark on May 16th. It is currently remaining at the $0.69 value, not being able to break the limit and give investors a bull run show.

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