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In the last two months (December, 2017 and beginning of January, 2018), one of the most influential cryptocurrency worldwide, the Ripple (XRP), has seen very unprecedented price movements.

At the beginning of December 2017, the Ripple assumed an uptrend never experienced in its History. The uptrend continued for the rest of December and on into the beginning of January 2018. At this time the market participants had all started to get very excited about these developments with most eyeing to invest in this coin.

However, when things just seemed to be going smoothly, the Ripple “decided” to take a break and pull back. It was not just a small pull back since at the moment, its value is still declining and investors are starting to get worried.

A token of the Ripple (XRP) is now going for $1.85, just a week after the coin had reached its all-time high of $3.49. This represents a 46.99% drop, which is such a great drop considering it is within a week.

Historical data for Ripple (Dec 16, 2017 – Jan 15, 2018)

Currency in USD 
Open/Close in UTC time

Date Open High Low Close Volume Market Cap
Jan 14, 2018 2.02 2.02 1.81 1.86 1,978,200,000 78,195,800,000
Jan 13, 2018 2.05 2.12 1.98 2.02 2,130,170,000 79,469,700,000
Jan 12, 2018 1.94 2.16 1.87 2.04 3,330,810,000 75,172,500,000
Jan 11, 2018 1.98 2.25 1.62 1.95 6,296,120,000 76,711,800,000
Jan 10, 2018 2.13 2.16 1.70 1.97 4,833,640,000 82,511,000,000
Jan 09, 2018 2.44 2.53 1.98 2.10 3,694,700,000 94,657,500,000
Jan 08, 2018 3.36 3.36 2.07 2.46 3,315,260,000 130,302,000,000
Jan 07, 2018 3.09 3.49 3.08 3.38 2,395,150,000 119,819,000,000
Jan 06, 2018 3.02 3.24 2.99 3.09 2,777,560,000 117,033,000,000
Jan 05, 2018 3.30 3.56 2.83 3.05 6,288,500,000 127,870,000,000
Jan 04, 2018 3.12 3.84 3.12 3.20 8,103,660,000 120,763,000,000
Jan 03, 2018 2.46 3.28 2.44 3.11 6,635,880,000 95,457,200,000
Jan 02, 2018 2.37 2.49 2.25 2.48 3,171,010,000 91,791,800,000
Jan 01, 2018 2.30 2.39 2.15 2.39 1,894,230,000 88,945,900,000
Dec 31, 2017 2.10 2.39 1.87 2.30 4,642,080,000 81,162,600,000
Dec 30, 2017 2.20 2.85 2.04 2.16 8,108,390,000 85,187,400,000
Dec 29, 2017 1.44 2.27 1.44 2.21 7,545,740,000 55,767,500,000
Dec 28, 2017 1.39 1.50 1.26 1.43 2,843,300,000 53,998,200,000
Dec 27, 2017 1.18 1.47 1.18 1.40 2,854,260,000 45,875,700,000
Dec 26, 2017 1.12 1.19 1.09 1.19 938,847,000 43,455,400,000
Dec 25, 2017 1.05 1.13 1.00 1.12 686,014,000 40,506,000,000
Dec 24, 2017 1.18 1.18 0.911226 1.04 754,959,000 45,541,100,000
Dec 23, 2017 1.17 1.21 1.08 1.17 1,497,590,000 45,167,600,000
Dec 22, 2017 1.17 1.38 0.741013 1.14 4,644,700,000 45,189,500,000
Dec 21, 2017 0.782515 1.24 0.782515 1.19 3,626,110,000 30,314,000,000
Dec 20, 2017 0.787171 0.789044 0.730953 0.775964 1,007,420,000 30,494,300,000
Dec 19, 2017 0.777447 0.863536 0.756724 0.791257 1,449,670,000 30,117,600,000
Dec 18, 2017 0.728036 0.792014 0.689323 0.778407 1,342,720,000 28,203,500,000
Dec 17, 2017 0.754125 0.765981 0.719929 0.728366 805,200,000 29,214,200,000
Dec 16, 2017 0.755493 0.815923 0.741667 0.758642 1,334,770,000 29,267,100,000

But, what had really caused the surge in Ripple prices?

Before starting to panic, investors should first understand what had caused the surge and later the fall in the XRP market prices. This would help in knowing how to handle the coin.

Before 8th January, the prices of the Ripple coin were on a strong bullish trend. The coin seemed to have found its call in the cryptocurrency markets!

The drop in the market prices is allegedly due to the decision of CoinMarketCap to de-list the coin from the Korean exchange platform on 8th.

Ripple (XRP) Chart

On that specific day, the market shares dropped to $103 billion from $123 billion signifying a drop of a staggering $20 billion. And that same day the prices of the XRP coin also dropped the previous’ day $3.09 to $2.67 which was a huge decline occurring just in a couple of hours.

Also, for the technical analysts, a closer look would indicate that the market was anticipating a pullback due to the formation of the Hammer candlesticks.  If you look at the market closely, you will realize there are several hammers which formed but the market only pulled back a little before continuing with the bullish trend. This indicates that there was also some forces from the market participant to push it down may be due to being over bought. Combining this with the announcement on 8th January, Ripple (XRP) could not hold any longer; it had to give in.

And as it stands, investors will have to brace for a bit more drop in prices for the short term period before the coin absorbs the shock to regain its bullish trend.

 


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