{"id":406640,"date":"2019-12-09T21:00:06","date_gmt":"2019-12-09T21:00:06","guid":{"rendered":"https:\/\/wncen.com\/?p=406640"},"modified":"2019-12-09T16:22:02","modified_gmt":"2019-12-09T16:22:02","slug":"despite-rising-ripple-transaction-volume-analyst-says-xrp-still-incredibly-weak","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/ripple\/despite-rising-ripple-transaction-volume-analyst-says-xrp-still-incredibly-weak\/","title":{"rendered":"Despite Rising Ripple Transaction Volume, Analyst Says XRP Still Incredibly Weak"},"content":{"rendered":"
XRP \u2013 the digital token closely associated to FinTech company Ripple \u2013 has had a rough couple of years, plummeting from highs of over $3.00 in early-2018 and finding itself caught within a firm downtrend that has persisted throughout all of 2018 and 2019.<\/p>\n
Although many major altcoins saw some relief in the first half of 2019, XRP remained stuck within the lower-$0.30 region, and the recent downturn in the aggregated crypto market that occurred in early-November led XRP to plummet to fresh 2019 lows of just under $0.20.<\/p>\n
In spite of this bearishness, it is important to note that Ripple\u2019s transaction volume has been on the rise as of late, but this may not be enough to help propel XRP\u2019s price higher in the near-term.<\/p>\n
At the time of writing, XRP<\/a> is trading down nearly 2% at its current price<\/a> of $0.228, which marks a slight retrace from its daily highs of over $0.23.<\/p>\n Over the past week, XRP has been finding strong buying pressure within the lower-$0.21 region, signaling that this is a level of support for the cryptocurrency.<\/p>\n Just below this price level, at roughly $0.20, is another strong region of support that was confirmed in late-November concurrently with Bitcoin\u2019s drop \u2013 and subsequent bounce \u2013 from lows of $6,500.<\/p>\n