As the day slowly progresses, it will become more apparent if this bearish trend will resume. So far, that appears to be the case, as eight out of ten top markets are in the red right now. Even the XRP price is facing a bit of bearish pressure. It remains to be seen if the $0.31 level can be maintained for much longer, as the current trend doesn’t look all that promising.
XRP Price Remains Under a lot of Pressure
No one will be surprised to see the bearish Bitcoin pressure get to alternative markets in recent hours. Most of these markets derive value from Bitcoin first and foremost, although there will always be some exceptions in this regard. As far as XRP is concerned, it would benefit from a Bitcoin uptrend, even though that could easily disrupt the XRP/BTC ratio. That ratio has, for the first time in a while, dropped below 8,000 Satoshi and is staying there.
Over the past 24 hours, the net 0.46% loss in USD value is not overly important. It does push the XRP price very close to the $0.31 level, although the level may hold for a little while longer. There is also a 0.6% gain in XRP/BTC, yet reclaiming the 8,000 Satoshi level will prove to be incredibly challenging first and foremost. The overall trading volume for XRP looks somewhat promising, although it may not be sufficient.
On social media, there has never been a shortage of discussions pertaining to Ripple and XRP. Investment Perspectives, for example, claims Ripple is doing exactly what the company has advertised in the past few months. However, a positive development for Ripple doesn’t necessarily result in promising XRP value momentum either. Ripple and XRP are entwined in some ways, yet completely different things for the most part.
Agreed and ripple is doing exactly what they’re supposed to do, pivot away from retail and towards the liquidity providers and market participants, institutional buyers. To bring the use case utility to xrp that has never been witnessed at a level the world can’t imagine. #XRP
— Investment Perspectives (@BakkupBradley) March 11, 2019
When looking at the current price chart, the momentum does not look too promising. MooniaK expects the range to bounce between $0.3 and $0.31 for the next few hours, although the bearish pressure will probably get the better of this market in the end. That is not a promising outlook by any means, although it is also possible this scenario will play out in a completely different manner over the coming hours and days.
— M?niaK (@CryptomOOniaK) March 11, 2019
For those who want to explore potential profits without holding on to XRP for too long, a triangular arbitrage has popped up today. Although using BitBns will be problematic for some enthusiasts, there is a lot of good money to be made with this particular trade. A potential gain of over 41% is always enticing, albeit the different hoops one has to jump through can make it seem less appealing.
— KoinKnight (@KoinKnight) March 11, 2019
When looking at the bigger picture, it seems unlikely any market will recover until Bitcoin gets its act together once again. When that will happen exactly, is anyone’s guess at this point. For XRP, the $0.31 level will remain under a fair bit of pressure for the foreseeable future. Dropping below this threshold is not catastrophic, yet it can make a lot of people antsy.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.