XRP sets lower lows as it was severely underperforming the aggregated crypto market as 2020 started. Ripple is now on the 886 days of selling lower lows and the analysts believe that this trend will not go away as there is more weak signs that are showing up. Let’s read more in the upcoming Ripple XRP news.
One popular trader even noted that it could soon plummet about 30% against the BTC trading pair. XRP was struggling to garner any upwards momentum in recent times as its price action that was seen over the past few years caused it to surrender its position as a third-biggest cryptocurrency. The analysts expect even more weakness ahead. One analyst even noted that today is the 886th day of setting lower lows which can only cause severe losses against its Bitcoin trading pair.
This downtrend doesn’t seem to be ending anytime soon as traders believe that it will continue declining until it reaches a next key support level about 30% lower than it is currently trading at. This level is where it all kicked off from the 2014 and the 2017 parabolic uptrend on the crypto market so it is important to know that the buyers post a strong response to this level. At the time of writing, XRP is trading down by 2% of its current price at $0.195 after it was hovering around $0.20 for the past few days. the recent market turbulence broke this consolidation phase but XRP was able to climb against its Bitcoin trading pair today which was trading at 0.5% at 0.00002065 BTC.
XRP’s long weakness could only spark further losses. One analyst explained that he believes another movement to the 0.0000150 BTC is coming which is where it rallied in 2014 and 2017:
“XRP 886, yes 886 Days of macro lower highs on USD pair. BTC pair shows what appears to have been 305 days of sideways action or distribution. Just had an alert go off for new lows today. 1.5k sats is my target. Where it’s first rally in 14′ started and the 17′ rally for alts.”
XRP sets lower lows as the veteran trader Peter Brandt noted that he expects XRP to reel towards 0.0000145 before finding new support:
“Looks like Ripple Labs…has blown the wad allocated to support XRPBTC at .00002060 to .0002075 levels. If ice-line cannot be reclaimed, look for new support at .0000194 on way to .0000145.”
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post