Ripple’s Native Asset Drops To A Two-Year Low Against USD

Ripple’s native asset XRP has dropped to more than 36 percent from the top of $0.315 and now it seems that it will extend the losses further to retest the two-year low against the USD as we are reading in today’s Ripple XRP news.

The XRP/USD pair on Monday established a new low of $0.20041 on BitStamp crypto exchange. The downside price action brought the pair closer to the 23-month low that was standing at $0.19776 right before the upside correction missed it by a few cents. As a result, the probability of Ripple’s native token reaching the two-year low increased and is even accompanied by a large scale selling sentiment on the market.

In the meantime, the Relative Strength Indicator on the charts has already established an all-time low. It went past the 37.15 support last week and indicated a buying sentiment on the market. getting down into oversold levels typically renews the buying interest since the assets become cheaper and they offer attractive near-term returns. That could be the case for Ripple’s native asset too.

XRP’s latest fall came at a time when the daily transactional volume registered the all-time high as well. The XRP token registered four times more on-chain traffic just a few days ago to about 4 million compared to Litecoin, Ethereum and Bitcoin combined. The increase in traffic shows that there are more people using XRP daily. The spike followed the announcement made by the platform that is investing about $20 million into the MoneyGram payment services company. This new partnership means that XRP will be used for cross-border money transfers and it could even boost the adoption around the globe.

The Moneygram-Ripple duo has been unable to bring new buyers on the scene for XRP. The Asset is still down by more than 40 percent against the US dollar and it surged only on the day when the announcement was made.
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Later it negated these gains during the Monday trading session. Some of the investors don’t choose XRP at lower rates because of the bearish sentiment itself. The entire crypto market dipped to as low as $171.599 billion which also acts as a catalyst for a massive XRP sell-off.