The price of Ripple (XRP) which is the third largest cryptocurrency by its market cap, recently fell to a new low this year. As of Wednesday, Ripple dropped to $0.35 which is seven cents from the previous yearly low of $0.42 in July.
The current price of Ripple stands at its lowest level since December 12th, 2017 – and is far from its all-time-highs of $3 amid a bull run on the crypto market. Right now, XRP is down 89.2% from the highest price over a period of eight months.
What drives this trend is bad press for Ripple. The startup associated with XRP has been getting a lot of bad press and investor lawsuits stemming from the coin’s price decline. Right now, the price of XRP continues the downward trajectory and is down by 11.76% over a 24 hour period, according to data by CoinMarketCap.
Still, XRP is not the only cryptocurrency that dropped to its lowest point this year. It declined 8.78% from its previous yearly low of $72.65 which make it one of the biggest losers on the day.
The other altcoins followed with a sluggish performance. Ethereum and EOS are both down, 6.89% and 7.96% accordingly and are showing no signs of bullish revival. Bitcoin, on the other hand, has regained its momentum but its still in a position where it is mostly affected by the low market volume.
Litecoin’s Value Could Drop To $77 After Forming Inverted H&S
“LTC. Bearish target hit @ 62$. Possible formation of multiple iHS with neckline at 77.50. Picture from VIP video update released the 16th Feb.” The crypto trader @TraderSmokey also posted a LTC chart saying that the coin could rise to the $0.007971 BTC level and stated: "Decent level to buy some spot imo"Earlier this week, the founder of the platform Charlie Lee shared a lot of criticism of the Ethereum-based DeFi ecosystem. This happened right after the DeFi lending dApp bZx that was hacked and then was forcefully shut down along with the Fulcrum for trading on which it was used. In just a few days, the second hacks happened and the hack totaled about $1.2 million worth of Ethereum. Lee continued that the DeFi apps can be closed down if a centralized party was to interfere and he said that they cannot repair it unless DeFi becomes more centralized. As per the recent litecoin price news, we can see that despite the brutal retracement which the cryptocurrency news and market saw this week, one top analyst is getting bullish on Litecoin (LTC) and starting to invesigate the technicals around the coin. As we can see now, Litecoin prints many buying signals and there is an array of technical factors which favor the cryptocurrency.
What Is Litecoin Preparing After The 10% Drop: Is It More Losses?
Litecoin Prints Many Buying Signals Which Could Prove Bullish
- The one-week Moving Average Convergence Divergence (MACD) which turned bullish, seeing a positive cross.
- The one-week Ichimoku Cloud which also crossed bullish.
- Litecoin recently flipped a “major” resistance region into support on a weekly basis.
- LTC’s weekly supertrend has turned bullish.
Ethereum And Litecoin Prices Are Closing In On Golden Cross
‘’Watching 205 for support. Will see how price behaves there if we get there to load more into ethusd. would be okay with pullback to 195 at most. Clean smash below last month high then im gna have to step back from longs, lowers my probability of idea #ethusd.’’The 50-period moving average at 4-hour charts at $210 will serve as an important area of support in case of further downfall. Another prominent crypto trader TraderXO suggested that the local highs will drive Ethereum back to levels 0.019 to 0.020 BTC levels of monthly open. The higher prospects of higher rises in the altcoins distribute some of the bigger gains and investment from the largest cryptocurrency. The gains are larger and the fall is disastrous as well and the continuation of the bulls in Bitcoin could even see the price of Bitcoin for a while. Similarly, on Litecoin charts we can see the 50 and 200-EMA are reaching across and the trend in Litecoin is currently bullish with the break above the head and shoulders pattern on the lower time-frames keeping the $92 price level still in play. The correction is back to retest the $60 levels is probable if the correction in the crypto markets starts. The uptrend in price with respect to the major cryptocurrency will seek support above the 0.006 BTC area for the bullish invalidation.
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