In the last couple of weeks Ripple has been able to take a deep breath and enjoy some subdued movement after a wild and volatile ride last month. In this time it has been content to trade right around the 0.45 level however only last month Ripple experienced a rollercoaster ride as it surged higher from near 2018 lows around 0.25 to its highest levels since May above 0.75. As quickly as it reached 0.75, it fell just as sharply and returned to levels below 0.50 where it has remained since. The two key levels presently are 0.40 and 0.50.
It was back in August that Ripple dropped sharply through any support around $0.43 and $0.40 and fell to its lowest level this year below $0.25. For the following month Ripple seemed to content to trade around 0.30 before its recent explosion. Throughout May and June XRPUSD fell strongly losing more than 50% of its value in that short period, from the peak near $0.95 in late April to levels above $0.43. Around mid-July it did well to rally higher to reach a one month high above $0.52 however the gains have been far and few between.
Throughout April, XRPUSD again rallied well off support around $0.40 to the previous peak near $0.95, however these gains have been few and far between in 2018. In January 2018, the price of Ripple reached a new all-time high above $3, according to Coindesk. To say that XRPUSD has struggled this year is an understatement. Up until recently the $0.40 level was being closely watched by many market participants to monitor the level of support the XRPUSD was receiving and this level may be called upon again shortly.
In a scathing attack on cryptocurrencies in general, New York University’s Stern School of Business professor of economics Nouriel Roubini has described the currencies as “the mother of all scams” and blockchain as the “most over-hyped technology ever”.Mr Roubini has previously been referred to as ‘Dr Doom’ for correctly predicting financial crises and has long been a critic of digital currencies.Mr Roubini delivered his assessment before the U.S. Senate banking committee hearing a couple of weeks ago and said the cryptocurrency market had “now gone into a crypto-apocalypse as the mother and father of all bubbles has now gone bust”.Meanwhile, Ripple has been well supported by comments from an investment advisor Nigel Green who said, “Cryptocurrencies are the future of money and, clearly, XRP is proving to be one of the most useful cryptocurrencies for businesses, organizations, and individuals. The use of XRP is set to increase, and naturally, this will positively impact its price. I think it is likely that we’ll see it hit the $1.00 price level before year-end. It could even be double this in 12 months’ time as XRP adoption and usage soars.”