XRP price analysis 11 September: Token’s value sinks, together with coin expectations
XRP is shedding value faster than most digital currencies and the coin's popularity is also waning.
- The XRP token continues to experience declines.
- Trading volumes have risen day-to-day but remain almost identical to those seen this time last week.
- The popularity of XRP has lessened substantially since the beginning of the year.
XRP, one of the top three cryptocurrencies by market capitalisation, is having a rough start to the week. While most digital currencies are seeing red, XRP has suffered significant losses, down 7.5% over the past 24 hours.
The coin has been sliding southward since late last week. XRP's price took a particularly big hit on Saturday 6 September, when the token fell from US$0.293 to just US$0.274 in the space of a few short hours.
XRP rallied a little on Sunday 7 September, climbing back up to US$0.290 but its trajectory has been descending steadily since then. The price has fluctuated around the US$0.27 mark but has since slumped lower to US$0.26.
At the time of writing, XRP was valued at US$0.264.
24-hour trading volumes have risen from US$169 million yesterday to US$202 million today.
CryptoGlobe reports that XRP may revisit the $0.24 price point, which is a major support level. Analysts suggest XRP's price is tumbling because it is below exponential moving averages. However, according to the Relative Strength Index the market may be oversold, which means that the bulls may take back control for a brief time.
XRP's popularity dissipated somewhat over the first half of this year, according to the latest survey results.
A consumer research report released by SharesPost this week found that the proportion of respondents who expect XRP to be the most successful cryptocurrency fell from 24% in January 2018 to just 17% in July 2018. Investors and consumers selected bitcoin as the top digital currency, followed by Ethereum, XRP and Litecoin.
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