The overall crypto market has been trading sideways for the past few days, after rising earlier this week to allow XRP and other altcoins to have good momentum.
For now, it looks like XRP is positioned to drop even more in the near term, though there is still a possibility that the bulls can regain a position above the critical support at $ 0.15.
An analyst suggested that the next sell-off could be up to 30% or more, bringing the price back below the support level.
XRP recovered from multi-year lows as the cryptocurrency market merged
At the time of writing, XRP is trading more than 4% down at its current price of $ 0.153, a significant drop from the daily high above $ 0.16.
Earlier this week, Ripple coin was able to gain some notable upside momentum that appeared in tandem with the Bitcoin move to a high of $ 6,900, pushing the price of XRP to as high as $ 0.17, which is the region. losing momentum and falling to current prices.
The recent rally has expanded the momentum for the first time when XRP fell to a low of $ 0.09, where prices found significant support boosting the uptrend.
This is the lowest level in 3 years, showing the recent downward trend.
just now looking at the $ XRP chart
didnt realize it hit almost 3 yr lows
– Josh Olszewicz (@CarpeNoctom) March 22, 2020
“Now I just look at the XRP chart
Did not realize the price almost reached a 3-year low. ”
Analysts warn of a possible future plunge towards the foundation support line
Livercoin analyst predicts XRP / BTC will plummet in a short time, which can take up to 30%.
Expecting another 30% drop on $ XRP
2500 sats support holding strong but bulls are going to throw in the towel eventually… pic.twitter.com/9M9I2ZGpyh
– Livercoin (@livercoin) March 22, 2020
“You anticipate a further 30% reduction for XRP
The support level of 2500 sats was maintained but the cow will eventually be defeated… ”
Looking at the chart above, it seems that XRP will soon fall from the current BTC price of 0.0000256 to 0.00001778 in the coming days and weeks.
XRP can retest annual lows
Credible Crypto analyst recently commented on XRP's downward move from $ 0.175 to $ 0.15. In his view, this is the precursor to a move back to a low of $ 0.12. If the prediction is correct, he plans to accumulate XRP here.
Such a view is because the analyst sees a clear rejection of the uptrend, while the recent price action has shown clear signs of a short-term peak at $ 0.16. la, considered as resistance.
– Credible Crypto (@CredibleCrypto) March 22, 2020
All eyes are on Bitcoin
More importantly, the trend of XRP is largely determined by Bitcoin in the near future, as altcoins often follow the market's leading coin, especially in times of intense volatility.
This begs the question: Where will BTC go next?
Unfortunately, analysts do not reach a consensus on the near future of this market, namely due to uncertainty in traditional markets.
Based on CoinMetrics data, analyst Josh Rager noted the correlation of Bitcoin with the stock market (specifically the S&P 500) has “maintained from 0.5 to 0.6 since the price dropped in. March 12, ”implying any sale will cause a decline in the price of BTC.
Looking to aggressively add to shorts if re-accepted back into 5800 range composite VAH.
Equities likely to get slaughtered this week.
Bitcoin will follow.
– Cantering Clark (@CanteringClark) March 22, 2020
“Actively add short if BTC returns to the $ 5,800 range.
The stock market may be slaughtered this week.
Bitcoin will follow.
The price will certainly return to a low of $ 4,000. ”
Cantering Clark repeated this, explain that when considering the weak macro context of the stock, he “is confident the price will return to a low of $ 4,000.”
You can see the price of XRP here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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