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Ripple Dips 3.1% to $0.794 – Where to Buy XRP Dip

Ripple Continues to Sign New Customers, Claims CEO Garlinghouse
Ripple Continues to Sign New Customers, Claims CEO Garlinghouse

XRP had a massive rally over the weekend after managing to go past $0.80. The uptrend was caused by the support XRP garnered from the broader crypto market. However, a slight slump in the market has led to a retreat in XRP prices.

XRP is trading at $0.794 at the time of writing after a 3.1% decline in 24 hours.

XRP Price Analysis

XRP Price Analysis Aug 9
Source: Tradingview

A strong bullish momentum over the weekend carried XRP’s prices above the $0.81 mark. However, bears have kicked in during the past 24 hours, and Ripple’s native token has gone back to trading at lower levels. However, the bearish momentum has been experienced across the broader market in the last 24 hours.

XRP holders should expect prices to fall in the short term to retest support at $0.77, considering the current bearish sentiment across the entire market. However, after XRP retests this support, we should expect to see a bullish rally that will push XRP beyond $0.82, given that the market is still showing bullish trends.

Once the price regains an upswing, we will see XRP pushing towards $0.85. If it manages to hit $0.90 this week, traders could jump in to give the token buying support, after which we could see a rally towards $1.

Despite its ongoing case with the Securities and Exchange Commission (SEC), Ripple is still expanding its business operations by leveraging various opportunities in the crypto sector. David Schwartz, Ripple’s Chief Technology Officer, recently stated that the XRP ledger had unique features that made it suitable for non-fungible tokens (NFTs).

Schwartz also added that Ripple was exploring decentralized finance (DeFi), but functionality on the XRP ledger would not happen until after six to nine months. Exploring DeFi will be a strategic move for Ripple, given that it is a rapidly growing sector.

Brad Garlinghouse, Ripple’s Executive, recently compared the SEC’s sentiments about clear regulations in the crypto market to an addict who believed they did not have a problem. Garlinghouse made the comments during the Aspen Security Forum, where the SEC chief, Gary Gensler, also spoke.

Where to Buy Ripple (XRP)

If you want to purchase XRP tokens during the current dip, you can create a cryptocurrency exchange account on eToro. eToro is a leading cryptocurrency exchange. It is renowned for offering a wide range of user-friendly services such as social copy trading, making it easy for new traders to increase their profitability.

Looking to buy or trade Ripple (XRP) now? Invest at eToro!

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