XRP has been caught within a long-held bout of consolidation around $0.20, struggling to garner momentum in either direction
Although the lack of a consistent USD downtrend may be welcomed by its embattled investors, the cryptocurrency has been flashing some signs of overt weakness as of late
One such sign would be the losses it has posted against BTC over the past several weeks
Another 100 million tokens were also just moved out of Ripple’s escrow account, which comes as it sees declining trading volume.
XRP has been holding steady around $0.20 over the past few weeks, but it has been caught within a firm downtrend while looking towards its Bitcoin trading pair.
This weakness has primary come about due to the overt strength seen by the benchmark crypto – although XRP is one of the few larger tokens that has been unable to closely track BTC over the past couple of weeks.
In addition to recently surrendering its position as the third largest cryptocurrency by market capitalization to stable coin Tether, it has also been seeing a stark decline in trading volume.
Analysts do believe that this weakness will have near-term implications for its USD trading pair – with one trader pointing to a 20% downside target at $0.16.
XRP Stable Around $0.20 as BTC Trading Pair Sheds Value
At the time of writing, XRP is trading up marginally at its current price of $0.20. This is around the level at which it has been stuck around for the past several days.
Concurrently with this bout of sideways trading, the token’s Bitcoin price has been plummeting.
Although this weakness has not had any implications for its USD pair so far, it is possible that this will soon change as its underlying weakness begins mounting.
In addition to seeing a steady decline in trading volume over the past few months, another 100 million XRP was just released from Ripple’s escrow wallet.
A good portion of these tokens may soon find their way onto the spot market – placing some downwards pressure on its price.
“100,000,000 XRP (20,289,609 USD) transferred from Ripple Escrow wallet to Ripple,” Whale Alerts noted.
Here’s How Low This Technical Weakness Could Lead the Token
As for how low XRP may decline in the near-term, analysts are setting their sights on $0.16.
One respected pseudonymous trader spoke about this target in a recent tweet, explaining that although this does mark a notable short-term decline, a visit to this level could provide traders with a “pretty sweet long” opportunity.
“Poor XRP, just cant catch a break and hands down looks the weakest of all the top 10s. In saying that I think once it scam dumps to 0.16c it might be a pretty sweet long…” he said while pointing to the chart seen below.
Image Courtesy of @SmartContractor
The confluence of technical weakness, declining volume, and frequent escrow transfers to Ripple do suggest that XRP will see further downside in the days and months ahead.
Featured image from Shutterstock. origin »
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Ripple failed to clear the key $0. 3080 resistance and declined sharply against the US Dollar. XRP price is down 5%, but there are many key supports on the downside. Ripple price started a strong decline after it was rejected near the $0.
Overnight, Bitcoin faced a firm rejection after attempting to garner significantly further upwards momentum. This instantly led major altcoins like XRP and Ethereum to drop in tandem, shinning a light on some potential underlying weakness within the crypto markets.
The Ripple-associated token suffers its largest one-day drop since late June this year The XRP / USD pair has broken below its current 2019 trading low Weakness under the $0. 2380 level could provoke an upcoming test of the $0.
Ripple price recovered recently, but it failed to break the $0. 2600 resistance area against the US dollar. The price is currently moving lower and remains at a risk of more downsides below $0. 2500.
The market has taken yet another dive in the last 24 hours. This has seen most coins fall to last week low. Before the plunge, most coins were struggling with respective resistances. The result of a failed upward movement has always been predictable as bears sense weakness.
Bitcoin (BTC-USD) According to the daily chart, BTC is trading on a sideways trade this clearly indicates a lack of momentum in the market and intensive weakness. BTC/USD pair started selling of at A where traders seemed to be rejecting the lower price thus closing the price near high of $9143.
Ripple price failed to stay above the $0. 4450 pivot level and declined below $0. 4200 against the US dollar. The price is currently under pressure and it could test the $0. 3740 or $0. 3400 support.
Ripple price seems to be struggling near the $0. 3600 and $0. 3700 resistance levels against the US dollar. The price is likely to break the $0. 3480 support area and decline further in the near term.
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