Ripple (XRP) has been steadily trading in the same range this past week. Since the price broke below $0.35, the range has been from $0.29 to $0.31. Ripple’s price seems to have stopped dropping for now because Bitcoin (BTC) has found a new support level at $3200-$3300.
Market analysis indicates that should the bearish market continue, and Bitcoin (BTC) drops further, XRP could trade as low as $0.25. This could be its next support level; on the other hand, the next resistance level is predicted at $0.35, which was its support level not so long ago.
What next? Ripple is still the 2nd largest cryptocurrency by capitalization and is currently worth over $12 billion. From the current point of view it is difficult to see a breakout soon as every cryptocurrency is tied to Bitcoin (BTC). Nonetheless, there are still plenty reasons to be optimistic about the future.
Adoption is key: Adoption is essential to the survival of cryptocurrencies, as most coins are currently useful for just trading which has to change going forward. Ripple is at the forefront of the adoption process and have recently announced a partnership with UAE exchange. The plan is for UAE exchange to implement RippleNet by Q1 of 2019 for cross border remittances across the globe into Asia. This and other key partnerships Ripple has secured should see its value rebound over time.