The recent difficulties that the native token of the XRP Ledger, XRP, has encountered while rallying has presented many market analysts with the challenge of making sense of the situation. Thankfully, crypto analyst Predycto has been on hand to lend valid insight, poring over XRP’s four-hour chart to detect a favorable higher-low phenomenon occurring – indicating buyers have been prepared to back the currency by pushing it to higher prices. Furthermore, Predycto recognizes the unease felt by investors tempted to worry as a result of the cryptocurrency witnessing a 22% decline from its July 13 peak of $0.9380. Mercifully, the recovery was brief, with a further 8% deflation recorded to an even lower value of $0.7223.
That apart, Predycto highlights an alarming decrease in the trading volume of XRP. Though a mega surge of activities saw the 24-hour trade volume for XRP reach an impressive $10.4 billion back on July 13 – since then rates have plunged casuing some to widely speculate about the coins durability. Volumes are suspected to be a key signifier when accessing trader requirements and investor appeal. Should the plummet below an unexplained “critical level” of $0.70, Predycto warns an ensuing fall in its price and re-tesrification at $0.60 could ensue.
