XRP Price Still Dropping, $0.30 Possible. Thursday, December 6th
XRP Price Still Dropping, $0.30 Possible
The market has extended its drop from yesterday and coins continue losing value by the minute. In the last 3 weeks, holders have been through a rough time as coins look for a bottom without finding one. While it seemed that December would be different, it has turned out to be as bad as November. The last 24 hours has seen several coins drop below what was assumed as their bottom. One as such is Ethereum which has just dropped slightly below $100. XRP, on the other hand, has dropped far below $0.35 and is trading at a new year low of $0.32.
XRP/USD Price Chart, Thursday December 6th:
Among the biggest losers are Bitcoin Cash and Stellar XLM which have lost by 15% and 9% respectively. For Bitcoin Cash, this latest drop marks an 80% drop in the last month. Following this latest sell-off, the market cap has slipped below $120 billion.
With panic beginning to rule trades, many are beginning to wonder if the worse is yet to come. Although XRP has been able to bounce back from $0.32 and seems to have found support at that position, if the bearish momentum continues, we could see XRP drop to a new year low of $0.30.
It still looks possible for XRP o get above $0.35 in the short term but this will take a wider market rally. If bitcoin can find support in the coming hours and get above $4,000, altcoins will begin soaring and XRP will not find it hard to get back to winning ways- above $0.35.
XRP has historically always bounced back from a drop and many are predicting that it will soon shine again. The project is always keen on new developments and new partnerships that always help bulls drive prices up. At this moment, the bulls really do need some positive news from the project that will help propel prices up.
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