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 market saw some immense bullishness. Bitcoin’s rally to $10,000 allowed some altcoins to capture a fraction of this momentum, although XRP actually declined over the same trading period.
It now appears that yesterday’s lackluster price action caused the third-largest digital asset to decline below a key support level that was previously bolstering its price action.
This breakdown is leading analysts to foresee serious blood in the days and weeks ahead, with some even calling the embattled token a “dead end.”
XRP Struggles to Gain Momentum as Bitcoin Trading Pair Flashes Major Signs of Weakness
At the time of writing, XRP is trading up marginally against its USD trading pair at its current price of $0.217, down from daily highs of just over $0.22 that were set yesterday.
The serious weakness expressed by the token can be seen more clearly while looking towards its BTC trading pair.
It is currently down nearly 6% against Bitcoin, marking a severe underperformance of the benchmark crypto that has forced it to decline beneath what was a previously strong support level.
One popular analyst offered a chart elucidating the breakdown below support that this latest decline against BTC has caused for XRP as well as EOS – another major altcoin.
Image Courtesy of Livercoin
Because of the immense weakness it is currently flashing against Bitcoin, it is highly likely that this will also create some drag that causes it to see weakness against its USD trading pair.
Veteran Trader Calls the Token a “Dead End” Following Technical Breakdown
The aforementioned analyst isn’t the only one who noticed the dire technical situation caused by XRP’s latest decline against Bitcoin.
Well respected veteran trader Peter Brandt also spoke about XRP, explaining that although he is now bullish on both Bitcoin and Ethereum, he believes the token is a “dead end.”
He points to the crypto’s “manipulated market” as a reason to support this claim – likely a reference to Ripple’s heavy involvement with the cryptocurrency from a market-perspective.
“In 45 years as a career market speculator, I’ve come to discern the real deals from the possible scams. I’ve only attempted to warn people that XRP is a manipulated market & a dead end,” he explained.
Image Courtesy of Peter Brandt
Unless the crypto posts a major upswing that allows it to reclaim the key support that it just lost on its BTC trading pair, it is a strong possibility that it will see further blood in the days and weeks ahead.
Featured image from Unplash. origin »
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The aggregated cryptocurrency market has firmly entered a bout of sideways trading over the past couple of days, which has come about in the time following the market’s recent upswing seen earlier this week that allowed XRP and other altcoins to gain some decent momentum.
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XRP’s recent price action has been lackluster to say the least, with its notable surge up to highs of $0. 35 being met with significant resistance which, coupled with the bearishness seen across the aggregated crypto market, led it to see a notable retrace.
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Over the past seven months, analysts have been wondering when the crypto market is going to revert back to a bull phase. Related Reading: Ripple CEO: These 3 Key Reasons Are Why XRP is Not a Security You see, when Bitcoin started rallying from $4,000 higher in early-2019, analysts and investors thought this was the start... The post appeared first on NewsBTC.
Ripple continues to make progress across Asia. Its latest venture focuses on providing low-cost cross-border payments to clients across Thailand. Various enterprises see merit in Ripple and its XRP ledger technology.
2019 proved to be a positive year for the aggregated cryptocurrency markets, with Bitcoin posting a stunning surge of nearly 100%, while altcoins had mixed performance, with Ethereum (ETH) dropping marginally while XRP posted a massive 45% drop.
The third-largest cryptocurrency XRP is down 95% from its all-time high of $3. 92. And according to the majority of the voters to the Mati Greenspan, founder of investment firm Quantum Economics’ poll, the digital asset isn’t ever going to $1.
The precarious nature of Bitcoin’s recent price action does not lend itself to helping generate bullish price action amongst major altcoins, but one prominent analyst is noting that he believes Ethereum, XRP, and Bitcoin Cash are all decently positioned to see further upside against their USD trading pairs in the near-term.
Even though it has been a rough year for XRP, the asset was one of the top performers in 2017, during the last major bull run. The question is then debated as to whether XRP could ever see this kind of performance again, with mixed opinions for and against.
While all eyes have been on Bitcoin as of late, it may be time to pay XRP some heed. A top analyst recently noted that the popular altcoin is on the verge of seeing a bout of strong volatility, with the tug-of-war between both bulls and bears heating up on both sides, creating tighter and.
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Bitcoin has been incurring some decent upwards momentum in the time since it visited $6,500, which has allowed major altcoins like XRP to similarly put some distance between their current prices and their recent lows.
Most major altcoins in the likes of Ethereum and XRP have already retraced to 2017 levels. As Bitcoin gears towards a bearish short term trend, investors remain divided on whether altcoins will continue their recovery or begin to see weakened momentum.
The Swell conference, which is arguably the most important Ripple conference of the year, was held in Singapore on November 9-11. During the previous two conferences in 2017 & 2018, the price increased significantly in anticipation of the event.
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The cryptocurrency market exhibited some major upswings this week with the pricerising over 10% for most cryptos. Let’s take a look at our select cryptocurrencies BCH, NEO and XRP and see what the charts have in store for us.
The XRP digital coin, distributed far and wide by Ripple, Inc. , is among the most talked-about assets on social media. But despite the highly active community, and the millions of coins given away, XRP is stuck beneath $0.
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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.
On-chain data shows the total number of sharks and whales on the XRP network has seen a sharp increase recently, a sign that could be bullish for the asset’s price. XRP Sharks & Whales Have Witnessed Their Count Go Up Recently According to data from the on-chain analytics firm Santiment, the shark and whale wallets have registered a notable jump over the past five weeks.
On-chain data shows the XRP whales have participated in a large accumulation in the past week, which could be bullish for the asset’s price. XRP Whales Bought More Than 140 Million Tokens Over The Past Week As explained by analyst Ali Martinez in a new post on X, the XRP whales have increased their supply share recently.
