XRP Price Down 5.9% to $0.60 – How to Buy Ripple

ripple XRP
ripple XRP

Ripple XRP has been mimicking the trend of other cryptocurrencies in the market. With the current price reduction in bitcoin and ethereum, XRP has also retreated to lower levels, and if the trend progresses, investors might witness massive slumps in prices.

XRP is trading at $0.60 at the time of writing on major exchanges after a 5.9% price reduction in the past 24 hours.

XRP Price Analysis

XRP Price Analysis July 14
Source: TradingView

Ripple is trading in the red zone after days of maintaining low volatility. Strong rejections have been reported at the $0.65 mark, and after almost touching this level yesterday, Ripple had a slight price correction that saw it retreat under $0.60.

Currently, XRP has managed to regain support above $0.60 to prevent major selloffs that could trigger even sharper bears. XRP trading volumes are currently high, which could explain that holders are selling off if further losses are realized.

There is also a likelihood that new investors could be waiting for this bump in price to enter the Ripple market. If this happens, we might witness prices consolidating at slightly above $0.60. However, if market support fails and the market’s current bearish pattern becomes stronger, XRP might be headed for a sharper slump.

XRP’s next support will be at $0.50 if there is another drop before another recovery happens. Reaching $0.40 might put XRP on a bullish grip because the downtrend could be exhausted at this level, so the only price movement for the token is up.

The Southern District of New York has set a date to hear the SEC’s motion against the deposition of a former executive, William Hinman. The hearing has been scheduled for July 15 through a telephonic conference. If the court approves Hinman’s deposition, we might witness a surge in prices, and if the judge quashes Hinman’s deposition, it will be a big blow for XRP.

Market analysts have also claimed that former Ripple executive, Jed McCaleb, could be behind the recent Ripple plunge. McCaleb receives a substantial amount from Ripple’s escrow every month, but he dumps most of his holdings to exchanges. Recent data shows that between June 21 and July 12, McCaleb dumped 150 million XRP.

Where to Buy Ripple

Those who want to buy Ripple during the current price dip can do so from a reliable and secure cryptocurrency exchange such as eToro. eToro is a reputable exchange that supports some of the most popular cryptocurrencies and trading pairs. eToro is also popular among beginner traders, given that it offers unique features such as copy trading and a demo account.

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

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Remember, all trading carries risk. Past performance is no guarantee of future results.

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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