The Ripple XRP price signaled that a major selloff is happening, declining and trading in the $0.1623 region now. The levels were not even imagined by the bulls before, but now bears are controlling the market and all of this comes on the heels of the recent Bitcoin bloodbath.
The XRP news today show that the third largest cryptocurrency by market cap declined by more than 22% overnight, losing a lot of its momentum and not showing any signs of a bounce even if the bulls manage to protect the $0.1980 level once again.
In the past few days, the Ripple XRP price signaled that it is controlled by bears. Even though there were attempts to put it above $0.2000 and $0.1980, these attempts failed and XRP price formed a high near the $0.2099 level, starting a fresh decline.
There was a break below the $0.2050 pivot level and the price even declined below the 50% Fib retracement level of the recent rise from a $0.1991 low to a $0.2099 high. It seems like the XRP bears are in control now and are attempting a bearish break above the $0.1800 and $0.1900 resistance areas. In addition, the price is currently testing the $0.1700 area and there is a major declining channel forming with resistance on the hourly chart of the XRP/USD pair.
The decline is real and the next key support is near the $0.1600 and $0.1550 levels, which coincide with what many analysts have been predicting. There is a chance of another rejection near the $0.1400 support area all because the Ripple XRP price signaled a new bearish run and declined by double digits again.
Despite all of this, the CEO of Ripple, Brad Garlinghouse, had a chance to comment on XRP and said that XRP is worth much more than gold and is essentially better than the commodity.
“Why buy #gold when you can buy #ripple $xrp !! Ripples are worth so much more. Collect as many ripples as you can. How many XRP’s can you get before time runs out?!” Garlinghouse noted.
According to the CEO of Ripple, oil is tanking because of all the money flood to Ripple – he believes that XRP has potential to withstand the crisis even if the world economy collapses. Still, the crypto news today show the very opposite of this.
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