2018-10-11 12:30 |
This year has been a strange one for XRP (and digital currency in general!), the token has seen fluctuation after fluctuation and the price has never stayed in one area for a long period of time.
The token, owned and designed by Ripple, has recently seen a change in price over the past month and even a time when we thought that the bad times were essentially over but now it has crashed down by over 40% from its high in September of $0.7694.
At the time of writing, the XRP token is now worth $0.4124.
After looking into the sharp changes in price, analysts and experts looked primarily on changing sentiment.
Tim Enneking – who is the managing director of Digital Capital Management – spoke on the matter saying:
“[XRP] “skyrocketed because of the hype surrounding Ripple announcement and events but, fundamentally, nothing changed.” He continued saying, “the drop is simply XRP returning to earth, back to the range is ‘should’ be trading in.”
The massive changes in value took place during a period when the digital currency markets weren’t as vulnerable according to the Chief Marketing Officer of digital currency data at Svandis, Chris McClure, PHD.
McClure went on to say:
“The selling pressure has really lost its momentum within these current ranges,” he stated.”
McClure continued to say:
“XRP made these unexpectedly phenomenal runs past recent levels of resistance. However, these were the purest definitions of the FOMO mindset. The problem with a run like that, in a market of currently low volume, means that it is exposed to little support.”
When looking into the future, the digital currency will most likely keep experience the fluctuations in price according to the CEO of Blockforce Capital, Eric Ervin who spoke on the matter and said:
“We believe hype-driven volatility will continue causing XRP prices to vacillate in the short-term while searching for, potentially asymptotic, long-term equilibrium.”
What are your thoughts? Do you think that XRP could recover from this drop in the near future or will it be stuck in this slump for a long period of time? Let us know what you think down in the comments below!
References:
Forbes
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