XRP has been largely hovering around the $0.20 region in recent times, failing to garner any decisive momentum as the aggregated market stalls
The crypto’s lack of growth in recent times has led it to surrender its spot as the third largest digital asset to stablecoin Tether (USDT)
One analyst is now pointing to a grim fractal pattern that shows the cryptocurrency could be at grave risk of seeing a massive downside movement in the days and weeks ahead
XRP is now the fourth largest cryptocurrency by market cap, with its lackluster price action causing it to be surpassed by Tether (USDT).
The growth of Tether’s market cap has largely come about as the result of the stablecoin seeing massive buying pressure from countries like China. Investors are using it to give their portfolios exposure to the US Dollar during these unstable times.
It does appear that XRP may continue losing its market share, however, as analysts are now pointing to one strikingly bearish fractal pattern.
If this pattern plays out, the embattled token could soon see a capitulatory decline that leads it back down to its yearly lows.
XRP Enters Firm Consolidation Phase as it Hovers Above Massive Support Level
At the time of writing, XRP is trading down just over 3% at its current price of $0.199, marking a slight decline from daily highs of just under $0.21.
It has been able to gain some ground against Bitcoin today, however, as it is currently trading up 3% against the benchmark digital asset.
This climb against BTC has largely been rooted in the weakness the benchmark crypto expressed yesterday after a Satoshi-era wallet moved 50 BTC. Its news-related decline allowed most altcoins to outperform it.
One factor to be aware of in the near-term is that XRP is trading just a hair above a massive support level.
A respected pseudonymous trader had previously noted that a continued defense of the support existing in the region surrounding 0.0002 BTC could be enough to propel it higher.
“XRP I’m expecting a significant bounce somewhere in green. I’d argue XRP is probably a not so terrible buy already but given the fact that it hitting the lower boundary of the support outlined is very possible I’m playing defensive for now.”
Image Courtesy of DonAlt
This Fractal Spells Trouble for the Cryptocurrency
One recently emerged fractal pattern that investors have been pointing to shows that XRP’s recent price action is strikingly similar to that seen in early-2019, just before it posted an over 50% decline against its BTC trading pair.
Another popular trader compared the price action seen then with that seen now in the chart seen below.
Image Courtesy of il Capo Of Crypto
In early-May, the same analyst noted that he believes XRP could continue declining against its USD trading pair until it reaches $0.05.
Featured image from Shutterstock. origin »
XRP, like Bitcoin and many other major altcoins, has cratered over the past several days and weeks, plummeting from 2020 highs of $0.35 to recent lows of sub-$0.10. Although the crypto has since climbed from these lows, the instability of the aggregated market has made it prone to seeing further near-term downside. In spite of...
Prior to yesterday’s Bitcoin flash crash, XRP and many other major cryptos were shaping up to be highly bullish, but BTC’s sharp drop seems to have invalidated this and has led the aggregated crypto market into precarious territory.
Ethereum (ETH) has been closely tracking Bitcoin’s price action over the past couple of weeks, which allowed it to post massive gains throughout the first part of the month, before setting a local top that has been followed by firmly bearish downside.
Ethereum has been closely tracking Bitcoin’s price action in recent times, which has proven to be largely bearish. Both BTC and ETH are now trading at key support levels, and any further near-term downside could spark a massive capitulatory sell off that sends the cryptos reeling lower.
The Bitcoin price just completed a Bart pattern to the downside and is in the process of completing another one. The latter could take the price to $7200 or below. On December 4, the Bitcoin price initiated a rapid upward movement, which could have been caused by a massive transfer of Tether to the OKEx […]
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Today’s massive bitcoin price crash was largely expected by analysts. The bearish descending triangle formation was bound to break out to the downside so it has been no real surprise. What the move has revealed however is huge price discrepancies between various crypto exchanges.
In the early hours of the morning, Bitcoin exploded upward to $8,000 from a double-bottom local low set over the weekend around $7,500. The rally upset overly bearish crypto investors and traders who had been expecting further downside in the price of the first ever cryptocurrency.
By CCN: Price of Bitcoin SV (BSV) is showing the first signs of significant downside correction after rallying more than 300-percent over the last two weeks. The BSV-to-dollar exchange rate today dropped close to 10-percent to establish $194.
By CCN: Ethereum price(ETH) has depreciated more than 10-percent against the US dollar as the global cryptocurrency market undergoes a massive correction. The ETH-to-dollar dropped to $235. 44 on Coinbase as on May 30, 2100, UTC after rallying for five weeks consecutively.
The bitcoin cash (BCH) price endured a significant correction on Thursday as the fifth-largest cryptocurrency dropped 10. 7-percent from its session high. Top Cryptocurrencies Pull Back from Recent Highs The BCH-to-dollar rate had surged around 100-percent since Monday morning, leaving its top rival bitcoin behind in terms of overall gains.
For the better part of a month and a half, bitcoin has been fairly range-bound and unable to establish new lows or new highs. There are some bullish and bearish setups on the horizon for bitcoin, so let’s check out both sides of the argument because currently the market is sitting in the middle of Indecisionville — the most immediate sign of which is this glaringly obvious head-and-shoulders bottom reversal pattern:Figure 1: BTC-USD, Daily Candles, Head-and-Shoulders BottomThis current pattern is nothing more than a setup at the moment, but it represents one potential outcome of this sustained consolidation.
Another week, another low. Bitcoin’s market has been bleeding relentlessly for weeks and now, after falling 50% in value in just one month, the market has managed to break south of a major bearish consolidation pattern called a bear pennant:Figure 1: BTC-USD, 4-Hour Candles, Bear Pennant BreakoutThis is a massive bear pennant with a staggering $2,000 measured move.
After the market crash on Thursday, the future of a further drop in Bitcoin seems to be a bit brighter according to CoinDesk. The biggest digital currency in the world has been staying relatively steady over the past month but on Thursday there was a massive drop bringing the price down below the $6,500 mark and to the $6,200 level confirming a range breakdown.
Understanding cycle theory is still one of the most important things an investor can do. Q2 hedge fund letters, conference, scoops etc Buying at the peak is a surefire way to increase your downside risk – even if your investment is sound.
XRP has been on a consistent downward trend since the beginning of the just concluded week. A steady flow of consecutive bearish candles on the daily timeframe has pulled the price lower each day, eventually guiding it toward an important support at the time of writing.
XRP stood firm as crypto markets took a beating on Tuesday. Most coins fell hard, but XRP avoided hitting new lows. Market watchers now wonder if the altcoin might recover faster than other cryptos.
Renowned trader and market commentator Jacob Canfield (@JacobCanfield) has identified XRP as the standout performer among altcoins, sharing a price chart on X that underscores the token’s recent momentum.
Analysts continue to believe in the potential price surge of XRP, predicting that it is still feasible that the crypto will hit the $3 mark. Related Reading: No Sweat! Dogecoin Will Hit $5 ‘Very Easy’ In 2025 – Analyst A market observer even claimed that XRP is on track for a massive price rally in the ongoing digital asset bull market as many cryptocurrencies are hitting all-time highs due to the positive outlook on the industry.
The XRP price recently surged to a three-year high of $1. 6, marking a significant milestone in the cryptocurrency’s recent bullish rally. This remarkable price movement has garnered the attention of many analysts as investors continue to project the trajectory of the price.
Crypto analyst Dark Defender (@DefendDark) has issued a bullish forecast for XRP, projecting a price surge above $5. 85 based on a confluence of technical indicators and chart patterns. Despite recent market stagnation, the analyst highlights several key factors—including the application of Elliott Wave theory—that suggest a significant upward movement is imminent.
On-chain data shows the XRP whales have been making deposits to exchanges recently, something that could be bearish for the asset’s price. XRP Whales Have Made Several Large Moves In The Past Day According to data from the cryptocurrency transaction tracker service Whale Alert, several large moves have been spotted on the XRP network during the past day.
