The crypto market has entered a consolidation mode as the total crypto market cap is hovering around $1.18 trillion. Recently, Bitcoin broke below a price of $30,000 and the entire crypto market reacted in tandem. As a result, XRP prices also slipped below 50 cents. This has led many investors to wonder what will happen to XRP prices next. Will XRP recover or will XRP crash further?
Why is XRP Price Down?
XRP prices have recently suffered a notable setback, causing the coin to drop towards its support level of 46 cents after an unsuccessful attempt to surpass 56 cents. The major reason for this decline is the overall downturn in the crypto market, triggered by Bitcoin’s fall below the crucial support level of $30,000. This decline has had a ripple effect on other cryptocurrencies, including XRP. Consequently, XRP prices have sharply declined, making it challenging for the coin to overcome its resistance level.
Should I Buy and Hold XRP? Will XRP Recover?
Usually, when the market is going sideways, it is better to switch from holding to active trading. XRP prices seem to be starting a sideways trend delimited between a lower price of $0.40 and an upper price of $0.50. If the crypto market remains undecided, XRP is expected to consolidate in this sideways trend.
Traders would in turn buy XRP when prices reach around $0.40 and sell XRP when prices reach around $0.50.
How to Mine XRP Coin?
XRP is a cryptocurrency that uses a different consensus mechanism than other cryptocurrencies like Bitcoin. XRP is not mined like Bitcoin or other Proof-of-Work (PoW) cryptocurrencies, which rely on miners to validate transactions and add them to the blockchain. Instead, XRP uses a consensus algorithm called the Ripple Protocol Consensus Algorithm (RPCA).
In the XRP network, a group of nodes validates transactions and approves them for inclusion in the ledger through a consensus process. These nodes are run by various entities, including banks and financial institutions. So, if you want to get involved with XRP, you can do so by buying and holding XRP on a cryptocurrency exchange, rather than mining it.
Therefore, you cannot mine XRP coin. Instead, you can purchase XRP on a cryptocurrency exchange that supports it and store it in a secure wallet.
Where to Buy XRP Coin?
There are currently many good exchanges that offer to trade and hold XRP Coin. Here’s a list of known exchanges that are currently in good standing:
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