2020-5-4 22:16 |
XRP, currently trading at only $0.223, would seem underpriced to many, however, according to various analysts, XRP is in fact, overpriced. This definitely comes as a surprise considering the digital asset had a massive 68% price drop from February 15 to March 13 and still currently a 93% drop since its all-time high.
How can XRP still be overpriced when it has dropped 93%? According to Big Cheds on Twitter, XRP will actually trade in the 3-5 cent range soon.
Even at 23 cents it’s wildly over priced
— Big Cheds (@BigCheds) May 2, 2020The CNBC crypto trader boldly stated that XRP will probably never break $1 again and that it’s still overpriced even at current market prices. He also mentions how XRP enthusiasts and investors have been dropping price targets of XRP from the wild $589 target down to $28 and lowered it again now to $5 and that they will probably lower this target again to probably $2.
What Are The Technical Indicators Saying?XRP has seen a precise long-term trend after its colossal surge to $3.3 back in 2017/18. As seen in the chart below, the digital asset traded downwards for 217 days before reaching a temporary bottom followed by a huge 224% price increase. After the peak, XRP traded downwards exactly 217 days again before a 78% price increase this time.
The next period only lasted 182 days and XRP dropped down lower than before but saw a 113% price increase. It seems that we are currently in the ‘trading downwards’ period. Although this pattern can be quite useful for longer-term traders, it still shows that XRP is basically going down in the long-term. The digital asset has been unable to set a weekly uptrend since its ATH peak.
The monthly and weekly charts have both been in downtrends for more than 2 years now even though the bulls have tried several times to bounce back. It is indeed quite clear, from an objective standpoint, that XRP is not doing great in the long-term.
If we look at XRP’s total market dominance now compared to its peak in May 2017, the difference is astounding. XRP had around 17.6% market dominance and was fairly close on surpassing Bitcoin, however, from that point, the digital asset has dropped tremendously over the years and it now only holds a 3.9% market dominance.
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