After a brief attempt to climb above its $ 0.30 resistance level earlier this week, XRP has seen a strong and rapid rejection and is now moving to its low for the month, which is currently at $ 0.26.
This slump came in the midst of Ripples eagerly awaited Swell event, and although the Ripple CEO announced new deals with XRP, which he believes have made the XRP network "stronger than ever".
XRP drops 6% as bears take control
At the time of writing, XRP is trading at its current price of $ 0.28, a significant drop from its daily highs of around $ 0.30. Earlier this week, the XRP bulls tried to drive the cryptocurrency above $ 0.31.
Not only is XRP facing increasing selling pressure as Bitcoin has also been hit by a sell-off that has pushed it from its $ 9,000 low to $ 8,800.
For XRP, it is important for this bear market to come to fruition soon after it has attempted to confirm long-term bottoming, meaning that the move may override this bullish possibility and could create difficulties for its short-term performance. Peter Brandt, a highly respected analyst, recently pointed to this formation and said:
– Peter Brandt (@PeterLBrandt) October 25, 2019
Ripple expands network, but investors are not impressed
The continued decline of XRP coincided with Ripple's swell event, which announced that it already has over 300 customers, over two dozen of which use XRP-related products. Brad Garlinghouse – CEO of Ripple – spoke about this in a recent tweet explaining that the network is "stronger than ever" and continues to grow.
Good things come in 3s – at our 3rd annual Swell event we announced @Ripple has more than 300 customers, more than 2 dozen of which are using #XRP through on-demand liquidity. The network is stronger than ever, and momentum behind ODL is only beginning. https://t.co/NQGEoH8hJI
– Brad Garlinghouse (@bgarlinghouse) November 7, 2019
However, investors are not impressed by Ripple's progress in building XRP as it was one of the worst performing top 10 altcoins in 2019.
Text proof: newsbtc