Although all cryptocurrencies have had it tough over the past few weeks, XRP has been hit especially hard. The altcoin, the third-largest crypto asset by market capitalization, fell as low as $0.105 on Thursday from its 2020 high of $0.345 established just weeks earlier, marking a drop of 70%.
Despite this brutal performance, a veteran cryptocurrency trader is warning that XRP may be on the verge of falling even further in the coming weeks and months.
Does XRP Price Have Further to Fall?
Veteran commodities trader Peter Brandt, who has embraced digital assets, recently posted the below chart to Twitter, writing:
I said I would never again post a chart of XRP. But, I thought you all might be interested in what it means to have ‘White Space below’.
While he didn’t convey a price prediction for the cryptocurrency, the comments in response to this tweet quickly filled in the gaps; what he depicted was that there is seemingly no price support for XRP until it returns from whence it came, as the cryptocurrency has decisively fallen below a number of moving averages and key support levels.
I am breaking a promise.
I said I would never again post a chart of $XRP
But, I thought you all might be interested in what it means to have …
"While space below" pic.twitter.com/Pse2DkEXfp
— Peter Brandt (@PeterLBrandt) March 12, 2020
Brandt’s tacit warning against XRP’s future prospects comes shortly after he explained that if he looks at the chart of Bitcoin “without bias,” he sees a “sub-$1,000” price, which would require BTC to drop at least 83% from the current price of $5,700.
It isn’t clear if his belief that Bitcoin will reach $50,000 and above with time is invalidated, though the price of the asset recently dropped below one of the long-term growth lines he has drawn on his charts, not boding well for bulls.
Bitcoin Bounce Could Save the Altcoin
Fortunately, analysts currently see a bull case forming for Bitcoin, meaning that XRP, too, could soon find some bid, at least in the short term.
Trader CJ remarked that there are more reasons to be bullish on Bitcoin than bearish, noting the cryptocurrency has started to trade above a “swing low pivot,” diagonal support that has supported the price since the flash bottom, the 0.75 level of the range, while prices consolidate below resistance.
There are other analysts bullish too. Filb Filb, for instance, pointed to three reasons why Bitcoin could squeeze higher: the short-term chart has formed a textbook Adam and Eve bottom, the funding rate in BitMEX is favoring a bullish reversal, and the bid side of the orderbook has started to stack up again in an act that indicates buying support.
Featured Image from Shutterstock origin »
After the XRP price made a sharp drop on March 12, the XRP Liquidity Index in ODL corridors is struggling to recover to new all-time highs but has failed so far
A mammoth-sized amount of XRP was moved between anonymous wallets and crypto exchanges as the index of XRP liquidity in ODL corridors reaches a new all-time high
Although Bitcoin remains up on the year, XRP hasn’t fared as well; the third-largest cryptocurrency, per data from CoinMarketCap, is down over 40% from its $0. 34 high seen in the middle of February, posting a small loss since the year started.
Ripple and its XRP asset have always been very different from traditional cryptocurrencies. Despite that approach, it would appear that this project is very successful in its own regard. The success of this company and its native asset is often met with criticism.
XRP In Danger? While XRP has already performed fairly poorly over the past 15 days, falling from a high above $0. 30 to $0. 23 as of the time of writing this, some have begun to fear the cryptocurrency’s prospects are worsening.
Ripple’s XRP token had been performing very well in 2020, reaching as high as $0. 34 in mid-February, before pulling back to just under $0. 30. Unfortunately, it wasn’t immune to the losses which have hit virtually the entire crypto-space this week.
Although the whole crypto market has now experienced almost two weeks of downside action, altcoins have suffered a bit more than Bitcoin which was recently re-testing $9,000. During the recent mini bull run, Bitcoin started losing a lot of market dominance dropping from a high of 69% to 60.
Despite XRP's considerable gains this year, the cryptocurrency appears to be stuck in a decline since touching its yearly high of $0.35 earlier this month. After a 23% drop in the days that followed, The post XRP could be in for downward movement as NVT Signal declines appeared first on AMBCrypto.
The past few days haven’t been kind to the crypto markets. After peaking last week, market leaders Bitcoin, Ethereum, and Ripple’s XRP and smaller altcoins saw their values tank. XRP was hit especially hard by the retracement, falling from its multi-month high somewhere above $0.
Since the first week of January, XRP has increased by about 50 percent against the USD. While the number seems high, the upsurge is relatively weak compared to top cryptocurrencies like Ethereum and EOS.
Over the past two days, the crypto market hasn’t fared too well. After peaking last week, the prices of digital assets across the board have tanked. XRP, the third-largest cryptocurrency by market capitalization, tanked from the multi-month high just a smidgen above $0.
Ripple's on-demand liquidity [ODL ] product currently has five endpoints including USD, PHP, AUD, MXN, and EUR. These endpoints have been active for quite some time, recording high liquidity from timeThe post XRP/PHP liquidity hits ATH; AUD-USD 24-hour volume close to USD-MXN appeared first on AMBCrypto.
Despite 60% gains for XRP from the start of the year, the cryptocurrency's dip under the $0.30 mark has investors concerned. An analysis of the 1-hour chart indicated two possible outcomes for XRP in The post XRP NVT ratio indicates high growth phase or unsustainable bubble appeared first on AMBCrypto.
The XRP price has been decreasing since reaching a high on Feb 15. It has reached a significant support area, a level that is expected to reverse the correction. XRP (XRP) Highlights The price broke out from a descending wedge.
After a brutal -50% performance against the U. S. dollar in 2019, Ripple’s XRP has mounted a strong recovery to start off this new year. Since bottoming around $0. 17 in December, the price of the third-largest cryptocurrency has surged as high as $0.
The ongoing rally seen amongst major cryptos has allowed XRP to break past the key resistance it was previously facing around $0. 33, with its movement past this level leading analysts to grow even more bullish on the cryptocurrency than they were before.
Ripple surged higher and climbed above the $0. 3200 resistance area against the US Dollar. However, XRP price is now facing a strong resistance near the $0. 3400-$0. 3500 area. Ripple price surged to a new 2020 high at $0.
BitMEX CEO Arthur Hayes is mocking Ripple’s XRP on Twitter again for the second time after listing it on his exchange. Arthur Hayes seems to have some issues with Ripple’s XRP, but as long as it has high trading volume, he doesn’t seem to care.
Key Highlights XRP/USD market has managed to spring northward to hit a high resistance point at $0. 34 mark. As at the time of writing, the US dollar cannot ensure a quick come-back in this trade. The market lines between $0.
On February 11, the XRP price validated the previous breakout line and has been increasing considerably since. XRP Price Highlights XRP broke out from a descending wedge. There is resistance at 3250 satoshis.
XRP spent over 97 days under the $0. 30 mark, before resetting the counter just hours ago. After dropping down to $0. 266, XRP has been moving upwards through steep candles and high volumes. According tThe post XRP touches $0.
While XRP is up over 50% in the past 50 days, rallying from $0. 17 to a local top of $0. 29 in just over a months’ time, the cryptocurrency is still dramatically down from its all-time high above $3.
The liquidity index of XRP in the Australia-based BTC Markets exchange has blasted to a new all-time high, while the PHP and MXN corridors are about to follow suit
Mike Novogratz Bitcoin bull and CEO of one of the biggest players in the crypto world Galaxy Digital might have said a room full of financial advisors that after losing 95% of its value from an all-time high, XRP would “underperform immensely again this year,” he wants to see Ripple succeed. After all, Galaxy Digital […]
Ripple surged higher recently above the $0. 2650 and $0. 2720 resistances against the US Dollar. XRP price remains well supported and it could soon rally to $0. 3000 if it breaks $0. 2810. Ripple price rallied to a new 2020 high at $0.
Ripple’s cross border payments token, XRP, has surged a whopping 15 percent since the beginning of the week. A new partnership with a big Latin American money remittance services company is driving momentum.
XRP is the talk of the crypto space today, after rallying over 7% in a matter of minutes towards a high of 27 cents per XRP token. The surge is the result of a breakout on both the XRP/USD and XRP/BTC trading pairs, indicating that Ripple will so rally against the dollar and Bitcoin itself.... The post appeared first on NewsBTC.
Ripple found support near the $0. 2460 area and climbed higher against the US Dollar. XRP price surpassed the key $0. 2500 resistance to open the doors for more upsides. Ripple price is showing positive signs above $0.
Coinspeaker XRP Price Can Hit New All-Time High in 2020 as 750-Day Bear Market Is Slowly EndingMarket analysts believe that the XRP 750-day descent will end in 2020. As a result, there could be a possibility that the price would jump over $100 before the year ends.
XRP just broke above a significant price hurdle that has been containing its price from advancing further since January 2018. Now, this cryptocurrency could be preparing to make higher highs. XRP breaks decisively through resistance After reaching an all-time high of $3.
XRP just broke above a significant price hurdle that has been containing its price from advancing further since January 2018. Now, this cryptocurrency could be preparing to make higher highs. XRP breaks decisively through resistance After reaching an all-time high of $3.
Ripple gained recently and broke the $0. 2450 and $0. 2500 resistance levels against the US Dollar. XRP price is currently correcting, but it is likely to continue higher towards $0. 3000. Ripple price climbed higher and traded to a new monthly high at $0.
Ripple has released its quarterly XRP Markets report revealing yet another decline in XRP sales. It started in Q2 2019 when Ripple shifted to a conservative volume benchmark for XRP sales. Now, to continue this forward, Ripple further reduced XRP sales and programmatic sales.
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.
XRP was one of the worst-performing cryptocurrencies throughout 2019, ending the year down over 40 percent. Today, however, bulls have been able to generate significant buying activity that has revitalized the embattled token, allowing it to surge a whopping 12 percent.
For the fourth or fifth day in a row, bulls have taken control of the Bitcoin (BTC) market, pushing the leading cryptocurrency as high as $7,660 just minutes ago, marking a multi-week high. As of the time of writing this, BTC is trading up 3% on the day, actually underperforming Ethereum’s 4% and XRP’s jaw-dropping... The post appeared first on NewsBTC.
Ripple's on-demand liquidity [ODL] corridor to Mexico has been active ever since its launch and has been leading the liquidity game. On 30 December, the XRP/MXN corridor on Bitso reached an all-time hThe post Ripple's ODL corridor to Mexico reports an all-time high appeared first on AMBCrypto.
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