Analysts Believe That The XRP Price Chart Is “Absolute Trash”

The cryptocurrency market has suffered a brutal beating in the last 48 hours. As the latest Bitcoin and altcoin news updates show, Bitcoin, Ethereum and XRP and a majority of other leading cryptocurrencies have all posted approximately 8% losses since Tuesday’s peak. Everything is tumbling as buyers fail to maintain the relatively high prices and analysts believe that most of the price charts including the one of XRP are absolute trash.

Even though all cryptocurrencies seem to be following Bitcoin right now, a couple of altcoins are posting effectively the same performance as BTC. Many analysts are even convinced that XRP’s chart is the most harrowing out of all major coins.

In fact, one prominent crypto trader who called the $3,000 Bitcoin bear market near the start of 2018 argued that the third-largest cryptocurrency “looks like absolute trash, probably the worst out of all the majors.” Even though he did not give a price predictions, others did.

The cryptocurrency trader Capo of Crypto, and many other analysts believe that XRP’s chart is showing clear signs that a bearish fractal is playing out. He is in the XRP news today for noting that the current price action for the cryptocurrency is looking almost identical to how it did from July to October of last year, marked by a consolidation after a dramatic sell-off, a secondary drop and flash recovery as well as a plunge to fresh lows.

$XRP leading indicator pic.twitter.com/kkHQ6Z1763

— il Capo (@CryptoCapo_) January 8, 2020

The same pattern playing out in full would mean that XRP will fall to $0.15 which is 25% lower than current prices – in the coming weeks.

Another analyst has echoed this prediction. While most of the analysts believe XRP’s charts are pure trash, he went with another angle and said that he is looking to “buy XRP next around $0.15” which is 25% lower than the current price of $0.2054. He noted that he is looking towards this target because his analysis suggests that “BTC and crypto remain in a bear market… despite the recent (and expected) relief rally, the bears still have control.”

I'm looking to buy XRP next around 0.15, and I'll be looking at a potential long in BTC on a successful hold of the 200 week, near the low to mid 5000s.

BTC and crypto remain in a bear market. Despite the recent (expected) relief rally, the bears still have complete control.

— MAGIC (@MagicPoopCannon) January 9, 2020

Despite its recent rally to %8,400, Bitcoin managed to pull back yesterday and printed a flurry of bearish signals, with a rejection going $600 below this point and to a new price at $7,800.