Ripple (XRP) Price Analysis: Potential Countertrend Opportunity
Ripple continues to trade inside a descending channel and is now down to the very bottom. A bounce off this area could spur a rally back to the top or at least until the mid-channel area of interest. RSI is already indicating oversold conditions or that sellers are tired. Turning higher could mean a return in bullish pressure that might take XRP back to nearby resistance levels. Stochastic has some room to head lower before hitting the oversold level, which means that sellers could still have some energy left. A break below the channel bottom could spur a steeper price decline.
About Ripple's (XRP): Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments. Using XRP, banks can source liquidity on demand in real time without having to pre-fund nostro accounts. Payment Providers use XRP to expand reach into new markets, lower foreign exchange costs and provide faster payment settlement. XRP consistently handles 1,500 transactions per second, 24x7, and can scale to handle the same throughput as Visa. XRP's five-year track record of stable technology and governance makes it ready for institutional and enterprise use.
XRP is the 2nd largest cryptocurrency by market cap size. Its market cap is currently $11,986,096,434 and it has a circulating supply of 41,169,202,069 XRP. It's down 2.51% over the past 24 hours and is currently trading at $0.291142.