Ripple, bitcoin (BTC) and ethereum (ETH) suffered heavy losses over the course of last week after widespread sell-offs pushed through the marker floor. On November 22, XRP traded for as much as £0.34 ($0.44) per token, according to CoinMarketCap at 11.54pm GMT (UTC). Just three days later at 10.24am GMT on Sunday, November 25, XRP has fallen down to £0.28 ($0.36) on the dollar. In the same time period, the price of bitcoin fell from £3,596.69 ($4,602.17) per token to a low of £2,803.31 ($3,587) on Sunday morning.
Ethereum was not spared losses either, with the cryptocurrency dropping down from £106.96 ($136.86) to £80.70 ($103.26).
The downside movement appears to have evened out today with some bullish momentum building on Tuesday evening, November 27.
XRP is now trading in the green, up 7.38 percent on the last 24 hours at 11.22am GMT.
The token is exchanging hands for £0.29 ($0.37) per token – a five percent change on its opening price of £0.27 ($0.35) today, according to CoinDesk.
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However, a daily trading update from platform eToro suggests there is still room for market improvement despite the more positive markers today.
The message reads: “The cryptocurrency market remained volatile over the past 24 hours, making its way back into the green, as seven of the top 10 cryptos registered gains.
“At the time of writing, bitcoin was up more than six percent, once again climbing above the $4,000 mark.
“However, despite these recent gains, the majority of cryptos still have a long way to go to recover recent losses.”
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Technical analysis of the cryptocurrency suggests Ripple will meet its next challenge at a resistance level of around £0.30 ($0.388).
If trading dips, XRP might have to fall back on its former support levels of around £0.27 ($0.34 to $0.35).
There is, however, no indicator to suggest which way XRP will move in the coming days.
The market movements come as Securities and Exchange Commission (SEC) Chairman Jay Clayton announced today he is not yet comfortable with a crypto-based exchange-traded fund (ETF) due to lacklustre market surveillance.
Mr Clayton said: ‘What investors expect is that trading in the commodity that underlies that ETF makes sense and is free from the risk of manipulation.
“It’s an issue that needs to be addressed before I would be comfortable.”
New York Stock Exchange (NYSE) Chairman Jeffrey Sprecher, however, suggested a more positive outlook for the future of virtual currencies.
Speaking yesterday, he said the survival of cryptocurrencies is “unequivocal”.