There’s no doubt the crypto market has suffered a brutal beating in the last 48 hours. Bitcoin, Ethereum, XRP, and a majority of other leading cryptocurrencies have all posted approximately 8% losses since Tuesday’s peak, tumbling as buyers failed to maintain the relatively high prices seen in the uptrend.
While all cryptocurrencies seem to be following Bitcoin at the moment, with altcoins posting effectively the same performance as BTC, analysts are convinced that XRP’s chart is the most harrowing out of all major cryptocurrencies.
Related Reading: These 4 Factors Are Building Bitcoin Price’s Colossal Bull Case
In fact, one prominent cryptocurrency trader, who called Bitcoin’s $3,000 bear market bottom near the start of 2018, argued that the third-largest cryptocurrency “looks like absolute trash, probably the worst out of all the majors.” While he didn’t give a price prediction, others have.
XRP Price Poised to Fall Off Cliff?
Cryptocurrency trader Capo of Crypto has noted that XRP’s chart is showing clear signs that a bearish fractal is playing out.
As he notes, the current price action for the cryptocurrency is looking almost identical to how it did from July to October of last year, which was marked by a consolidation after a dramatic sell-off, a secondary drop and flash recovery, then a plunge to fresh lows.
$XRP leading indicator pic.twitter.com/kkHQ6Z1763
— il Capo Of Crypto (@CryptoCapo_) January 8, 2020
The same pattern playing out in full in the current will mean XRP will fall to $0.15 — 25% lower than current prices — in the coming weeks.
Another analyst has echoed this prediction. He wrote that he is looking to “buy XRP next around $0.15,” which is around 25% lower than the current price of $0.2054. He added that he’s looking towards this target because his analysis suggests “BTC and crypto remain in a bear market… despite the recent (and expected) relief rally, the bears still have control.”
Indeed, Bitcoin, despite its recent rally to $8,400, just printed a flurry of bearish signals: the rejection at $8,400 was bearish as that level is where the 20-week simple moving average, a key horizontal resistance, and the 200-day exponential moving average lies.
Ripple Shares Positive News
While XRP’s price trend may be harrowing, Ripple Labs, the fintech company closely affiliated with the cryptocurrency, just shared a positive tidbit of news: it has partnered with Siam Commercial Bank (SCB), Thailand’s oldest bank at over 100 years old, to “change the lives of their over 16 million customers.”
This partnership will see the two entities create SCB Easy, a “mobile application that runs on Ripple to deliver instant, low-cost cross-border payments.” This seems to be similar to OnePayFX, a similar international payment service created in a partnership between Ripple and Spanish banking giant Santander.
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Long-term traders and investors holding non-performing assets such as Cardano (ADA) and Ripple (XRP) are beginning to pay attention as their losses increase. Many are now seeking a promising newcomer: RCO Finance (RCOF).
XRP, the cryptocurrency affiliated with Ripple, is facing tumultuous market movements as a fake BlackRock XRP trust registration stirs chaos among traders, resulting in substantial losses and a rapid price rollercoaster.
Bitcoin’s massive drop yesterday sent shockwaves throughout the aggregated crypto markets, leading most major altcoins – including XRP – to plummet to fresh post-2018 crash lows, which may signal that the rest of 2019 will prove to be bearish for the crypto markets.
Bakkt is finally open for futures trading, but Bitcoin’s spot market doesn’t seem to have taken notice. Average spot prices for the leading cryptocurrency have again fallen below $10,000.
XRP has been sliding downward lately and the controversy-laden coin incurred major losses despite its peer coins posting significant gains in 2019. After a minor decline of 0. 43% over the past 24 hours, XRP was valued at $0.
Trading is muted in crypto markets, especially with respect to Bitcoin. After measurable gain early on Monday, BTC mostly stayed around its new $10,500-10,700 level. The rest of the market is seeing considerable pullbacks, with almost all major coins posting losses.
Ripple price trimmed losses after it traded as low as $0. 2336 against the US dollar. The price is currently trading above the $0. 2500 pivot level with a few positive signs. A major contracting triangle pattern is forming with resistance near $0.
Ripple price struggled to continue higher and declined below the $0. 3100 level against the US dollar. The price is currently consolidating losses after it traded as low as $0. 3038. There are two key bearish trend lines forming with resistance near $0.
Ripple price struggled to recover above the $0. 3250 resistance and extended losses against the US dollar. The price traded below the $0. 3100 support and traded close to the $0. 3025 level. There is a significant declining channel forming with resistance near $0.
On the road to create the perfect cryptocurrency that records the highest adoption rates, some players have gone off track from its foundational “transparent” upbringing. This was duly noted by many in the cryptocurrency community and proven by a graph representing cryptos’ liquid market cap.
The total crypto market cap lost $49. 2 billion of its value over the last seven days and now stands at $278. 2 billion. The top ten cryptocurrencies are all in the red for the same time frame with almost all of them registering double-digit losses.
From a local peak on July 12, Bitcoin tanked from a high of $11,950 to a low of $9,857. Meanwhile, most altcoins experienced even larger double-digit losses. Some of the biggest losers include Ethereum, Bitcoin Cash, Litecoin, and Bitcoin SV—dropping 16.
Ripple price broke the key $0. 3200 support level to extend losses against the US dollar. The price even spiked below the $0. 3000 support area and traded to a new monthly low at $0. 2955. There is a major bearish trend line forming with resistance at $0.
Ripple price started a major decline after it failed to stay above the $0. 4000 support against the US dollar. The price declined heavily and broke the $0. 3850 and $0. 3750 support levels. There is a new connecting bearish trend line forming with resistance near $0.
EOS price declined heavily and settled below the $6. 200 and $6. 000 support levels. EOS could continue to move down considering there is an increase in selling pressure on bitcoin, ETH, XRP and litecoin.
The cryptocurrency market has regained stride with bitcoin leading the bandwagon while other altcoins are demonstrating solid gains as well. On Thursday, the crypto market corrected downwards with bitcoin trading as low as $10,383 and other coins recorded major losses as well.
Ripple price failed to hold the key $0. 4500 support and declined heavily against the US dollar. The price even broke the key $0. 4220 support level and it is now trading below $0. 4150. There is a short term contracting triangle forming with resistance near $0.
Ripple price extended losses below the key 0. 00004200 support area against bitcoin. XRP even broke the 0. 00004000 support and remains at a risk of more losses vs BTC in the near term. Key Talking Points.
Crypto markets back in the green today; Litecoin still climbing, ETH doing well, XRP, XLM and NEO flat. Market Wrap A lot of traders expected Monday’s red start to the week to continue and accelerate losses into Tuesday.
Ripple price traded to a new monthly high at $0. 4777 and recently declined sharply against the US dollar. The price broke the key $0. 4570 and $0. 4400 support levels to enter a bearish zone. This week’s crucial ascending channel was breached with support at $0.
Ripple price declined recently below the $0. 3840 and $0. 3750 support levels against the US dollar. The price tested the $0. 3610 support area and it is currently correcting higher towards $0. 3840.
Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.
Ripple price extended losses towards the 0. 0000400 support level before rebounding against bitcoin. XRP surged higher recently above $0. 4000 vs USD and gained momentum above 0. 0000500 vs BTC. Key Talking Points Ripple price declined heavily.
Ripple price remained in a bearish zone and failed to recover above $0. 2980 against the US dollar. The price is currently trading near the $0. 2910 support and remains at a risk of more losses. This week’s highlighted bearish trend line is still intact with resistance near $0.
These are very interesting times in the cryptocurrency industry. Although a lot of markets are still down in value right now, the rebound is not that far off by any means. If the XRP price trend is any real indication, there should be a healthy bounce across the board overnight.
Ripple price failed to recover above the 0. 0000600 resistance level against bitcoin. XRP extended losses below 0. 0000535 and remains sell on rallies versus BTC in the near term. Key Talking Points Ripple price extended its.
Ripple price struggled to gain bullish momentum and declined below $0. 3000 against the US dollar. The price is currently trading below key supports and it could extend losses below $0. 2940. There is a short term bearish trend line forming with resistance near $0.
XRP Price Analysis XRP recorded a poor price performance this week. Despite the market leader bitcoin increasing to form new 2019 highs, XRP has only recovered a fraction of the losses it recorded last week.
Ripple price extended losses below the 0. 0000600 support level against bitcoin. XRP started a decent correction from 0. 0000535, but it won’t be easy to clear the 0. 0000600 resistance area. Key Talking Points Ripple price declined.
The cryptocurrency market posted major losses following the Bitfinex debacle over the week. The digital coins, however, steered their way out and exhibited minor rises shortly after. The leading coins failed to post impressive rallies as both Ripple’s XRP as well as Stellar Lumens [XLM] were in bearish territory.
Despite buying pressure earlier in the month, XRP is forming another Doji candle on its monthly chart as April approaches its close. If the monthly candle closes as a Doji, this will mark the fifth consecutive Doji candle recorded on the monthly chart.
Within the last 30-days, bitcoin has gained 29 percent and the crypto markets overall have appreciated 22. 5 percent. In contrast, XRP underperformed with losses of 7 percent while Ripple and its CTO David Schwartz have continued to sell-off their holdings.
By CCN. com: In the past 24 hours, the bitcoin price fell 2. 16 percent against the U. S. dollar from over $5,600 to $5,422 as the crypto market slightly retraced. The valuation of the crypto market fell from $181 billion to $176 billion, by more than $5 billion on a single day.
As the Bitcoin price continues its slightly unexpected negative trend, the alternative markets are scrambling to make up lost ground. That is much easier said than done, as none of the top markets is able to contain the losses right now.
Ripple price failed to correct above the 0. 0000660 level against bitcoin. XRP declined sharply below 0. 0000600BTC and it remains at a risk of more downsides in the near term. Key Talking Points Ripple price failed.
Ripple price struggled to clear the $0. 3320 resistance and declined steadily against the US dollar. The price declined below the $0. 3200 support area and revisited the $0. 3175 support area. There are two bearish trend lines in place with resistance at $0.
The total crypto market cap lost $4. 20 billion of its value since Friday, April 22, and now stands at $176. 8. Top ten cryptocurrencies registered are all in red for the 24-hour period with Cardano (ADA) and Litecoin (LTC) being the worst performers with 5.
Ripple’s XRP token is among the worst best-performing cryptocurrency in the top ten. The coin has returned a mere 4. 44 percent profits to its investors in the last 90 days. And those who purchased it 30-days back are looking at 18.
Ripple price extended losses below the 0. 0000670 support against bitcoin. XRP is currently in a strong downtrend and it may even test the next key support at 0. 0000600BTC in the near term. Key Talking Points.
Ripple price failed near the $0. 3370 level and declined below the $0. 3250 support against the US dollar. The price traded to a new weekly low at $0. 3134 and remains at a risk of more losses in the short term.
XRP Analysis Top ten ranked cryptocurrencies by reported market cap, XRP, and Stellar Lumens (XLM), have recorded losses this week that have retraced the majority of the increases last week. The failure of their prices in following up on the strong performance recorded last week is a bearish sign.
Although the Bitcoin momentum has turned out to be a lot more bearish than expected, there is still some degree of optimism among traders. Fans of the XRP price will be less happy right now, as their favorite currency has noted rather steep losses.
Ripple price continued to struggle below the 0. 0000740BTC resistance against bitcoin. XRP must stay above the 0. 0000670 support to avoid more losses versus USD and BTC. Key Talking Points Ripple price is currently trading near.
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