The XRP price low which triggered today at $0.18 also set a new buy signal for many traders. While Ripple (XRP) is not the most popular altcoin in terms of its performance in 2020, the low reputation could change soon and the price of the token could reverse, according to analysts.
Ripple’s token is one of the worst performing cryptocurrencies in 2020, as the XRP news today show. The asset keeps reaching new bear market lows, and the latest could mean more than just a simple correction.
Specifically, we are talking about one buy signal for the XRP price low which turned green, triggering on weekly timeframes and bringing XRP to its most critical do-or-die moment so far this year.
In December 2017, the cryptonews showed that as Bitcoin captured the media and public’s attention with its rise to $20,000, the price of XRP followed and skyrocketed by over 900% that year alone.
At one point in that one month timeframe, the asset rose in USD value from 23 cents per token to a high of $2.45. The first days after that, XRP even reached $3.50 and then began its downfall that persists even today – two and a half years later.
Right after one article on CNBC marked the top, the price of the coin fell to a low of just ten cents per token. That was an approximate 97% collapse from the record prices. Now, a XRP price low shows that the altcoin is down 94% to this day,making it one of the worst performers in the market.
What also happened this year is XRP losing its third spot on the cryptocurrency market. The Tether news showed that the stablecoin USDT is growing in terms of adoption and market cap, which is how it reached the third spot on the total market.
Anyways, the most recent XRP price low suggests that a lot of positive things could be happening for the altcoin in the near future. A 1,000% spike followed later, and we can notice that the same thing can occur again this year.
Still, there is a dropping sentiment surrounding XRP now and matching price action. This is why some of the analysts are not 100% confident in a Ripple price reversal happening anytime soon.
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