The latest market crash has seen many of the cryptocurrencies reach all-time lows. A nice bounce in many of them means that they are unlikely to drop further but still, they have recorded a considerable drop. Ripple’s XRP has been one of the coins that have seen a major drop and test crucial long term support. Monday 25th’s drop saw XRP hit a two year low of $0.21. The last time XRP dropped to this level was back at the beginning of November 2017. This drop has been an indication of how much the third-largest altcoin by market cap has been struggling in 2019.
In the last few days, XRP has lost around 36% of its value from its recent position of $0.31. The road back to this position is expected to be frustrating and tedious for the bulls but one that is guaranteed. Interestingly, the drop has seen the asset record an all-time daily trading volume. This could well signal further problems ahead as it shows investors have been dumping.
Fortunately, the digital asset has had a nice bounce. The bulls are steadily pushing prices up. On Tuesday 26th, the coin is up by over 4% and on track to climb above $0.22. The bounce confirms that the asset has bottomed and now the bulls can expect a bullish reversal. So how high can the asset rise?
XRP has an all-time high of just over $3.00. This looks unlikely in the short term. A more realistic prediction in the short term is its year high of $0.50. This remains achievable before the end of the year. However, it calls for not only a bullish outlook for XRP but the entire cryptocurrencies market.
MoneyGram Investment Could Boost XRP To ATH
In the wake of the XRP move, there is a major boost from Ripple who just completed the $50 million MoneyGram investment. A few months ago we announced that Ripple was making a $50 million investment in MoneyGram in an effort to boost XRP adoption. Now, Ripple has added $20 million to complete the investment after making an initial $30 million investment.
When the deal was struck, it had a major impact on MoneyGram as shares soared exponentially. In contrast, XRP did not respond well. It, however, confirmed that XRP is in demand among financial institutions and its adoption will continue to encourage price growth.