The XRP faltering momentum crippled the coin which made it underperform the rest of the market as the company failed to garner widespread adoption for the token so let’s read more in our ripple news.
It remains loosely correlated to Bitcoin’s price but failed to garner any significant momentum as it remains below the multi-month resistance level. this caused it to underperform both Bitcoin and the rest of the coins over the latest market-wide upswing which could show that the further downside is imminent in the near-term. One trader noted that the cryptocurrency has a lack of strength during the latest upside movements which came about because the XRP faltering momentum crippled the coin and indicated that further downsides are imminent.
He is now looking to exit his XRP positions at the first resistance level which sits above where it is now trading at. Once this resistance level is hit, the chart suggests that a move towards its multi-month lows in the lower $0.20 region is imminent. At the time of writing, XRP is trading up marginally with a current price of $0.25. This is a slight increase from its weekly lows of over $0.23 set during the latest dip but it is most important to note that this 10% rise marks a serious underperformance of the rest of the coins.
Over the past month, XRP struggled to garner any sustainable momentum as it ranged between $0.22 and $0.26 while the upper boundary of the range was quite intense with each visit here sparking stronger rejections. Unless XRP shatters the selling pressure between the $0.25 and the $0.30 level, it could continue seeing technical weakness. One analyst believes that XRP is crippled from a technical standpoint and has a lack of buying pressure that doesn’t allow it to match the momentum that is seen by the aggregated crypto market. He is now looking to offload the long positions as soon as the cryptocurrency reaches the next key resistance level:
“Stupid thing has moved like 2% while everything moved like 10%. I…hate this coin with a passion and looking to sell the first resistance. Everything moves exponentially compared to XRP. Ripple is crippled.”
Because there’s no immediate catalyst for the coin to see any intense upwards momentum, it could continue to underperform Bitcoin and the rest of the crypto market.
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