Ripple (XRP) is stabilizing somewhat following a bearish trend that has affected the coin. It was anticipated that XRP may break the $0.3020 price on May 4th, yet the token could not stay in that range and has now dropped to $0.299946 as of May 9th.
The token appears poised for the $0.3040 and $0.3050 levels, a point that it reached yesterday. However, it dropped substantially this week hitting a swing low point. At the time of writing, XRP appears to be recovering and is almost hitting the 0.3000 point, which is the barometer for the token’s health.
For many, the token has been a serial underperformer. Despite its top three ranking on coin market cap, the token has not made many huge jumps since its conception. For those who are looking to make a quick buck and are in it for the trading only, then this token should be avoided. If you look at the history of XRP, it is clear that the token had a huge breakout during the bull market which kicked in at the end of 2017 reaching an all-time high of $3.84 in January 2018. Unfortunately, it has been on a steady decline, standing at $0.299946 at the time of writing.
In terms of the future for the XRP token, it will need to hold a strong level above $0.30000 for them to command higher gains. However, this level is looking more and more unlikely, meaning further losses could come about in the short term. Chances of a decline may be occasioned by the stiff competition in the sector. For example, J.P Morgan’s recent foray into the industry will certainly set off some alarm bells and could signal more financial institutions to create their own tokens, thus, making Ripple and their XRP token record lower price.