Ripple unlocks its monthly escrow which raises even more questions about the XRP performance. In our Ripple news, we will try to find out an answer to some of these questions so let’s dig in.
Over the course of this year, the token has dramatically underperformed and lost all hopes of an end-of-year rally. XRP is still down by more than 30 percent this year as we are getting to the end of 2019. Ripple unlocks the escrow tranche of 1 billion coins so it is uncertain how many of them will be sold or distributed by ripple itself. The selling could happen on OTC markets but there is a huge supply of coins and too little demand beyond speculative trading and limited testing by banks. Getting close to the rock-bottom prices invited some of the buyers to hold the asset hoping to get some returns.
XRP got low to $0.21 during the latest sell-off and some of the analysts marked this as a decent buying level. However, holding the XRP coin could be counterproductive and the expectations of heavy gains could never materialize. XRP is about two years away from reaching the peak prices above $3.40 and the level never actually repeated in BTC terms. Waiting for the new hike of the price is seen as unreasonable right now. XRP increased some enthusiasm with the summer rally reaching above $0.47 but as Bitcoin abandoned the yearly peak, XRP also started to fall.
The Ripple Swell conference in November was only one event that was supposed to make the investors wait for another potential rally. Instead of doing that, XRP dropped by more than 16 percent at that point. Right at the end of 2019, XRP is down to around $0.22 and added to the flat price so the volumes are even lower. The usual activity is about $1.4 billion in 24 hours but the activity fell to about $1 billion per day during the Thanksgiving weekend.
There are some who believe in the crypto asset but the coin is seen as a tool to make a huge bet on an unexpected gain. It is uncertain if the XRP market could afford some bigger volumes to absorb the selling but the XRP token looks pressured in comparison to other coins.
Ripple Broke The $0.2200 Support Area Against USD
- Hourly MACD – The MACD for XRP/USD is now moving in the bearish zone.
- Hourly RSI (Relative Strength Index) – Ever since Ripple broke a new support zone, the RSI for XRP/USD has been correcting higher towards the 40 level.
- Major Resistance Levels – $0.2200, $0.2240 and $0.2260.
Ripple Trades Below $0.2260 Showing Strong Bearish Signs
Heavy Downside Pressure For Ripple’s XRP Price
XRP Is Set To Finish 2019 Poorly After Failing To Garner Momentum
“Let’s give $XRP another go. Support here looks like shit, if it breaks this is where I want to get long. Looks like a decent opportunity to trade it back towards range high,” he explainedAnother well-known crypto analyst on Twitter, elaborated in a new tweet that XRP was traded for 21 quarters, with an average quarterly growth of 114%.
“$XRP has traded for 21 quarters; – Avg Q = 114% – 10 Pos Q – 11 Neg Q – Pos Q Avg = 276% – Neg Q Avg = -32% – 6 of 8 Qs have been neg since Jan 2018, w/ Pos Q <30%.”
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