XRP Taps pivotal level as the buyers were unable to surmount the lower -$0.30 region despite the strength across the market. the altcoin market saw such a strong rebound today that even XRP posted some gains as we are reading more in the latest Ripple price news.
There are a few reasons for the weakness like the lack of utility garnered by the token, with the selloff from its 2017 high and the waning enthusiasm surrounded it. the previously robust XRP Army, that was loyally backing the token that has all moved on as it can see severe underperformance of BTC and other altcoins. Where will XRP trend next will likely depend mostly on the aggregated altcoin market but it is a lack of correlation with either ETH or BTC may continue plaguing the price action. One analyst even noted that there are some signs that the cryptocurrency is reaching the pivotal level against BTC that could shift the trend back into the buyer’s favor.
At the time of writing, Ripple is trading at just over 5% at its current price of $0.25 with it around the price at which it was trading over the past few years as buyers being unable to break out of the $0.20 region. XRP taps a pivotal level with the upswing slightly positive for the token holders. Still, until it can break above the $0.30 region there’s a slight chance that it will see parabolic momentum. The dwindling community sentiment and the lack of serious utility with the stagnant price that has all struck lethal blows to its technical strength.
Unless ripple engages again its efforts to drive the utility of the token, there’s a strong chance that it will continue losing value against BTC and other altcoins. One analyst explained that although XRP is diving lower against its Bitcoin trading pair with a strong chance that it will soon reverse this trend due to reaching a pivotal point.
“Strong Ichi momentum… However, XRP just tapped a WP Level, right on a 1W Pivot, something certainly should not be ignored, next pivot in December, paying attention to this one on the small TFs.”
The upcoming few days should provide investors with more insight into where altcoins like XRP will trend while BTC entered a bull market.
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