NEWSBTC: Ripple continues to struggle with $1
Markets have dropped about 2% as I record this on Wednesday, hovering just below the $1.00 level. This obviously is a large, round, psychologically significant number, and it should be sent that the volatility has been sucked right out of this market. Volume is anemia, and almost nowhere to be found. I believe at this point longer-term investors may be picking up bits of Ripple for the longer-term move, but there are a lot of questions as to the efficacy of Ripple longer term. At this point, Ripple is more or less extreme speculation, assuming that the banking industry is going to use it longer term. However, there are some larger banks working on their own projects, so it’s a bit of a question at this point.
Technical analysis dictates that if we do drift lower from here, we are probably going to go looking towards the $0.50 level. Otherwise, if we can clear the $1.00 level, the market could go to the $1.25 level next.
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