Ripple’s XRP token has had a rough week in terms of price, with a drop of 12.20% in the last 7 days. Even as it is doing better than many others in the top 10, being only the 2nd smallest loser after Bitcoin, the price is speculated to be suppressed by whales.
The 3 biggest losers in the top 10 are Bitcoin Cash [BCH], Cardano [ADA], and IOTA [MIOTA], with losses of 23.59%, 22.75%, and 23.74% respectively.
The bears continue to drag Ripple down into quicksand as it finds it difficult to even hold on to the $0.70 limit. It is currently trading at $0.61, a far cry from the highs of the last two weeks of April and the first few weeks of May, where it traded around the $0.90 mark.
It never fully recovered from the huge drop on May 12th, where it dropped from around the $0.80 mark to the low $0.70s.
Over the last week, the bearish market trend has reflected in XRP’s graphs, where it saw a gradual decline over the second part of the week. The first part of the week did see an uptick in price from lows of sub $0.70 but the gains plateaued at the $0.70 resistance and slowly decline from May 22nd.
It went down to a low of $0.59, a low not seen since the bearish market of March earlier this year. The high point this week was on May 22nd, where the coin hit $0.70 after a steady uprise the days before.
The biggest drop of the coin this week was on May 23rd, where it dropped from $0.62 to $0.58. This is almost a 7% drop in the price over just a few hours.
Even as new partnerships and ventures are being announced, the price of the token keeps plummeting. This has led to an inside joke among the Ripple community, where the members joke about the price going down after every new announcement. Here are some Reddit comments conforming to the joke:
User thelost2010 says:
“Any good news tanks XRP. I only want to see bad news going forward.”
User mhollywood1 said:
“Not sure how it is still funny after 5 months of the same joke I suppose…”
User rockumsockumrobots responded to Uphold adding support for exchange-to-wallet transactions by saying:
“This is amazing news. The market is responding. . .by XRP losing another 16%.”
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