XRP Reported 6% Drop despite Network being "stronger"

After a brief attempt to rise above its strong resistance level to $0.30 earlier this week, XRP faced a sharp and sharp rejection and is now moving towards its monthly lows that are currently around $0.26. They are.

The slowdown occurs amid the long-awaited Ripple swale event, and when the CEO of Ripple announced new agreements involving XRP, he said, it made the XRP network "stronger than ever."

XRP Plumets 6% as Bears Take Control

At the time of writing this article, Ripple is trading down approximately 6% at its current price of $ 0.27, marking a significant return of $ 0.30 from its daily maximum.

Earlier this week, the XRP bulls attempted to push the cryptocurrency beyond $0.31. Which ultimately turned out to be a fleeting movement, close to today's recessive movement.

It is important to keep in mind that today XRP is not alone in the face of increasing sales pressure since Bitcoin has also faced a massive sale that took it from a minimum of $9,000 to a minimum of $8,800.

The decline in BTC caused shocks in the crypto market in general and led all major alternative currencies to bear almost the same losses.

For XRP, it is important to keep in mind that this slowdown occurred shortly after trying to validate a long-term descending formation, which analysts observed closely. Which means that today's move invalidates the possibility of this upturn and can cause problems nearby. of the. Term of action of the price.

Peter Brandt, a highly regarded analyst, said this since the recent invalid training:

"This interpretation of the table is valid: $ XRP makes another run in a break."

Ripple expands the network, but investors are not affected

The continuous decline of XRP occurs simultaneously with the Ripple's Swell event. Where the company announced that it already had more than 300 customers, using more than two dozen products related to XRP.

Brad Garlinghouse, CEO of Ripple, talked about this in a recent tweet. Stating that the network is "stronger than ever" and is constantly moving forward.

“Good things come to 3G: at our third annual Swell event. We announce that @Ripple has more than 300 clients, of which more than 2 dozen are using #XRP through liquidity on demand. The network is stronger than ever, and the momentum behind ODL is just the beginning, ”he explained.
Clearly, however, investors not impressed by Ripple's progress in building public services around XRP. As it is one of the main worst performing actions in 2019, and only time will tell if the progress of the Company is ultimately reflected in XRP Price. Will it happen or not?