Ripple Hoping For A Recovery As It Successfully Defends The $0.44 Position- Ripple Price Analysis
October 30, Ripple becomes one of the few coins on the market that have seen some positive momentum following a drop yesterday. The last 48 hours have been hectic for a majority of coins but a few bulls have been resilient and have seen a few coins make a recovery. Although for most the gains are very low, the positive momentum could prove crucial if the larger bearish trend in the market continues.
Ripple, which is ranked third in the market, is one of the top coins that have seen upward movement following yesterday’s drop. After a week- last week, of sideways action which saw the coin trade around $0.45, the coin soared to trade above $0.46 in the weekend and in the early hours of Monday, but the coin took a dramatic turn hours later.
The coin drop to $0.43 in a matter of not more than 3 hours. Despite some bull’s effort to recover these prices and push them to $0.44, the bears remained resilient and as the day came to an end, prices were back to $0.43.
Today, however, the bulls have been trying to retake the market and they have been rewarded for it. At the time of press, Ripple is trading at $0.442727 marking a 0.67% price growth in the last 24 hours. The price growth is expected to hit 1% in the next few hours.
XRP/USD Price Chart, Tuesday October 30th:
This month has seen Ripple suffer a few blows most notable on October 12, when prices dropped to lows of $0.40. It has been a relief that the coin has found a higher resistance level this time. Maybe the coin might, after all, end what has been a tough month on a high note.
Ripple at the beginning of the month was trading on the highs of $0.58 and many remain optimistic that the coin will find its way back to this soon. However, the bearish trend that continues to dominate the market remains its greatest obstacle.
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