It’s no secret that XRP has been one of the worst performing cryptocurrencies throughout the past couple of years, woefully underperforming both Bitcoin and its USD trading pair.
This underperformance may soon extend even further, as analysts are noting that the crypto is on the cusp of seeing another breakdown as it hovers just above a critical support level.
Interestingly, this technical weakness comes as the crypto shows signs of seeing heightened social activity from investors across social media platforms.
Spikes in social activity tend to be correlated to uptrends, and it is possible that this is a sign that XRP is poised to push higher in the hours and days ahead.
XRP Flashes Signs of Weakness as it Nears Key Support
At the time of writing, XRP is trading down marginally at its current price of $0.20.
This current price level has proven to be psychologically important throughout the past year, with it acting as both support and resistance on multiple occasions.
XRP – like virtually all other major cryptocurrencies – saw some intense turbulence over the past week, rallying to highs of $0.215 earlier this week alongside BTC’s climb to highs of $10,500.
The rejection that the benchmark crypto saw at this level led it down to lows of just under $0.20. It has been consolidating ever since.
In addition to it currently trading at key support against its USD trading pair, XRP has also reached a historically important BTC support level.
One analyst spoke about this in a recent tweet, explaining that it is now breaking down as a descending triangle forms, potentially opening the gates for it to see significant downside.
“XRP daily chart – Prepping for a new breakdown with this descending triangle forming,” he noted while pointing to the chart seen below.
Image Courtesy of Big Cheds
This support appears to exist at 0.0000205 BTC, slightly below its current price of 0.00002095.
The Embattled Token Sees Spiking Social Activity
One factor to be aware of is that XRP has seen spiking social volume throughout the past couple of days.
It does appear that this historically coincides with uptrends, but it may also suggest that an influx of fresh funding is about to be directed to the token.
Data analytics firm Santiment spoke about this in a tweet, explaining that it has now entered the top spot on their “Emerging Trends” feed.
“XRP has entered the top spot on [Santiment’s] Emerging Trends, and has seen massive social volume spikes. These are potential indicators of an upcoming decoupling from BTC, so keep an eye on Ripple’s upside since these spikes aren’t pump-related yet,” they noted.
Data via Santiment
If XRP is able to decouple from Bitcoin and garner some upside, it could invalidate its near-term downtrend and start erasing some of its recent losses.
Featured image from Shutterstock. origin »
The Bitcoin dominance rate (BCD) has fallen to a major support level, a breakdown below which could indicate a bullish period for altcoins. However, both LTC and XRP have fallen below almost year-long support levels and have yet to show clear signs of reversal.
In the beginning of May, both the XRP/USD and XRP/BTC pairs broke down from important support levels, possibly indicating that the previous upward trend has ended. While the XRP/BTC price had been previously showing signs of weakness, the XRP/USD decrease was more unexpected, possibly occurring as a result of the decrease in the price of […]
The post What Does XRP’s Breakdown Indicate for the Future Movement? appeared first on BeInCrypto.
XRP has continued to severely underperform Bitcoin, forcing it to also see some downside against its USD trading pair despite the bullish market conditions This weakness has caused the third-largest crypto to decline beneath a key last-ditch support level that was bolstering its price action Analysts are now noting that it could soon see a freefall that leads it significantly lower due to the weakness resulting from this dire technical breakdown Yesterday the aggregated crypto […]
XRP, the cryptocurrency often referred to as Ripple, is the third-largest crypto, yet it was one of the year’s worst performers in terms of the top ten cryptocurrencies by market cap. It not only closed the year at a loss but also set a new, fresh, bear market low during the course of the last... The post appeared first on NewsBTC.
Ripple price is declining and it recently broke the key $0. 2200 support area against the US dollar. The price is likely to face hurdles near $0. 2200 and $0. 2240 in the near term. Yesterday’s key bearish trend line is intact with resistance near $0.
Ripple has a bearish short-term and short-term trading bias The four-hour time frame shows that a bearish trendline break has occurred The daily time frame is showing that a valid inverted head and shoulders pattern remains in play Ripple is back under heavy downside pressure, following a sustained bearish breakdown under the psychological $0.
Ripple price is trading in a downtrend below the $0. 2750 resistance against the US dollar. The price is facing a lot of hurdles on the upside near the $0. 2740 and $0. 2750 levels. This week’s crucial bearish trend line is intact with resistance near $0.
This will surely spark some fires amongst the cryptocurrency as the Bitcoin maximalists and XRP army are going head to head over a recent list of the top differences between Bitcoin and Ripple, the #1 and #3 cryptocurrencies in the market.
Ripple price is struggling to gain momentum above the $0. 2600 resistance against the US dollar. The price is currently declining and it could continue to move down below $0. 2520. There is a connecting bearish trend line forming with resistance near $0.
Mid May Update: Technicals 4H XRPUSD XRP is ranging between $0. 38 and $0. 40 with no power to break out of this channel. Breakout level is at the previous high at $0. 47 and breakdown level is below this yellow box at $0.
Coinspeaker XRP Price Analysis: XRP/USD Price May Reverse at $0. 28 LevelShould the Bears defend the $0. 30 level, further declination of the XRP price is expected and this may lead to the breakdown of the $0.
A breakdown of how the XRP stablecoin performed during the first three months of 2019, significant events for Ripple, and what can be expected during the the next three months.
Long-Term Outlook A look at the Weekly chart for XRP shows that price is trading at $0. 32, slightly above the major support area near $0. 27. The previous week’s candle had a large upper wick, indicating that sellers have the upper hand.
Ripple price is under pressure and it recently broke the $0. 2980 support level against the US dollar. There is a major bearish trend line formed with resistance near $0. 2980 on the hourly chart of the XRP/USD pair (data source from Kraken).
CoinSpeaker
XRP Price Analysis: XRP/USD Trends of January 30–February 05, 2019
The breakdown of $0. 28 price level by the bears will expose $0. 25 demand level. Should the demand level of $0.
CoinSpeaker
XRP Price Analysis: XRP/USD Trends of January 16–22, 2019
The breakdown of $0. 31 demand level by the bearish momentum may push XRP to its previous low of $0. 28 that is if the supply level of $0.
Ripple’s XRP has retaken the position of second largest cryptocurrency by market cap after overtaking Ethereum’s cryptocurrency ether for a second time within the last two months. XRP overtook Ethereum for the first time around mid-November amid bearish drops across the market where XRP held its value better than Ethereum.
Ripple has been one of the better-performing altcoins but it looks like the bearish pressure is also starting to creep in. Price has been consolidating inside a symmetrical triangle pattern and is now testing support at the .
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In recent months, XRPs availability has increased massively.
A new breakdown by the XRP Community Blog goes into the amount of virtual outlets where XRP can now be purchased has jumped in over 300% in under a year.
Ripple price nosedived recently and broke the $0. 4265 support against the US Dollar. XRP/USD breakdown below $0. 3750 looks real and it could ignite more losses. Key Talking Points Ripple price failed to hold gains and it broke a crucial support $0.
The EU’s Policy Department for Economic, Scientific and Quality of Life Policies released a report entitled “Virtual currencies and central banks monetary policy: challenges ahead.
XRP’s price action within the past seven days has been limited to a trading range as investors look to recover the losses they incurred at the beginning of February. This range is a consequence of the current indecisiveness on the XRP price.
XRP has been forming a red bearish candle since the beginning of February, which is a result of a price crash that took place at the start of the month. Although THE ALTCOIN has since recovered slightly, it has yet to return to its January open.
XRP price is moving higher from the $2. 320 support zone. The price must clear the $2. 50 and $2. 52 levels to start a fresh increase in the near term. XRP price started a decent upward move from the $2.
The Ripple vs. SEC lawsuit has taken an interesting turn. A recent development suggests that this long-running legal battle might end soon. Surprisingly, the XRP price has failed to react positively to this development and has, instead, crashed significantly.
XRP has shown resilience amid the market’s volatility and uncertainty, standing strong as it rebounds from recent lows. The price is now over 33% up from Monday’s low, signaling renewed momentum and a potential push toward higher levels.
XRP price started a strong increase above the $2. 850 zone. The price is now correcting gains and showing positive signs above $3. 00. XRP price started a downside correction from the $3. 220 zone.
Price action in the past 24 hours has seen XRP break below the $3 mark again. XRP initially managed to cross above the $3 mark on January 15, a move that marked a notable milestone in trading above this level for the first time in seven years.