A trend analyst has observed that XRP has made a breakout from a triangle, and it is very likely for the price to maintain a downward trend. XRP price recently touched $0.30 before falling back to $0.23. With the crash in the price of bitcoin last week, other major altcoins also lost significant value.
Many from the crypto community have blamed Ripple’s regular dumping of XRP for the fall in the cryptocurrency’s price. At the time of writing, the cryptocurrency is trading at $0.235. On 19th September, when XRP gained more than 19% in a 24-hour space, Ripple transferred $8.5 million worth of coins to its OTC wallet.
Ripple seemed to recover last week as it touched $0.24 mark, but the short time prediction is bearish. Even after losing a steep 40% over the past three months, XRP remains the third-largest cryptocurrency with the market cap of $10.67 billion.