Ripple’s price established an intraday low on Friday during the trading session and reached a level of $0.359 during the crash action. The altcoin news today has a broader analysis of the price and the XRP-to-dollar exchange rate.
The pair tried to bounce back but the volume was not enough to erase the latest drop. During the entire time, ripple’s price plunged up to 25 percent in a period of 48 hours. The previously established bullish sentiment seems to be long gone. XRP’s market showed a similar sentiment as that of the other major cryptocurrencies. In the past day, bitcoin also declined against the US dollar by 8 percent. In the same time, Bitcoin cash, Litecoin, and Ethereum corrected between 6-10 percent.
The price correction for ripple on the market comes after some shady action noted on crypto exchange BitStamp. Michael Gu, a popular YouTuber stated that this is a clear whale single-handedly brought the largest cryptocurrency asset down to $6,200 as of today. Just an hour later, XRP’s price fell to $0.359. a similar price action followed for the entire crypto market signaling that the price drop of bitcoin could have triggered for other altcoins to leave their previous positions:
“This really goes to show how much power whales and big sell orders have on the cryptocurrency markets.’’
The XRP-to-dollar rate broke down below the price level of the previous well-known head and shoulder pattern as the charts from CoinMarketCap shows. In the latest cryptocurrency news, you can also see that the pair is now testing the target line as support which has secured the XRP’s downtrend on multiple occasions. A break below the said target line could bring XRP towards $0.341 price point. At the same time, a small pullback from the target-line accompanied by an increase in volume would open a good opportunity towards $0.4201 which was the higher level of the left shoulder. That part is now falling down the neckline of the previous pattern.
However, a break below the $0.341 price point could change the things for the XRP market since the next downside target would reach as far as $0.308.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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