(July 2) On Friday June 29th the price of XRP, the third largest cryptocoin by Market cap, fell below $0.43 hitting a new low for this year. It fell to $0.424 on the Bitfinex exchange at 13:00 UTC. This broke a low of $0.438 that was set just five days ago.
The last time XRP closed below $0.42 was on December 12, 2017.
Market looks bearishThe price of XRP on June 29 at 20:31 UTC was averaging $0.43 again. However, this represents a 24 hour drop of 3.5 percent. Over an entire week the drop was 14 percent. If the price does not hold at the current level the outlook will be even more bearish with the strongest layer of support only at $0.19.New lows were also set by OmiseGo (OMG), neo (NEO) and litecoin. Bitcoin was just $14 away from breaking through its low of 2018 $5,786 earlier on Friday.The total cryptocurrency market is also down with capitalization at just $232 billion. This is the lowest it has been since last November. It is 72 percent below its all time high of just below $830 billion according to CoinMarketCap.Present situationThe situation has improved greatly for the XRP price through Sunday into today July 2. The price opened the day up a full three cents from on Friday at $0.46 and has actually reached a high so far of $0.49 with a low of just $0.45. As of 20:45 UTC the price was at $0.48 up 4.72 percent on the day.BItcoin also is doing better today. From recent lows below $6,000 it is at present $6,618 on its way back up for now. The price is up well over 4 percent so far today with only a few hours left in the day. The present price for bitcoin can be found here. The price for Ripple is at this site.The cryptocurrency market appears to be starting the new week in recovery mode. 100 billion XRP were issued a fact which explains the high market cap in spite of the low price. No more are to be issued.
Published previously in Digital Journal