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.
One highly respected analyst is now noting that XRP could be on the cusp of seeing major losses if its bears are unable to garner any significant buying pressure at its current price levels.
These losses could lead the crypto to erase nearly all of the gains that it has incurred throughout the course of its 2020 uptrend.
XRP Plunges Alongside Bitcoin and Most Other Major Altcoins
At the time of writing, XRP is trading down 7% at its current price of $0.27, which marks a notable decline from daily highs of over $0.30 that were set just prior to the market-wide flash crash.
It is important to keep in mind that the embattled crypto has been able to recover slightly from lows of $0.26 that were set at the bottom of this selloff, and it does appear that its price is largely moving in tandem with that of Bitcoin at the moment.
Some analysts are noting that there is still upside for XRP, although it may see further downside before it is able to climb higher.
AMD Trader – a popular cryptocurrency trader – spoke about this in a recent tweet, noting that it hasn’t yet hit his buy target.
“I’ll let you guys know when I go heavy long on xrp I still think there is upside, but I’m not trying to catch a falling knife that hasn’t hit my target,” he said.
I'll let you guys know when I go heavy long on $xrp I still think there is upside, but I'm not trying to catch a falling knife that hasn't hit my target.
— AMD Trades (@Amdtrades) February 19, 2020
Top Trader: This Technical Formation Could Spell Trouble for the Crypto
Peter Brandt, a popular cryptocurrency analyst on Twitter, recently explained that XRP could be forming a bearish head and shoulders (H&S) formation, and if this plays out it could send the crypto down to lows of $0.20.
“It will be interesting to see if this H&S top plays out. If so, the target would be .2071,” he said while noting that this tweet only “poses a possibility.”
It will be interesting to see if this H&S top plays out. If so, the target would be .2071.
This Tweet poses a possibility. This is not a prediction. pic.twitter.com/IJiMR2AEnV
— Peter Brandt (@PeterLBrandt) February 20, 2020
In the near-term, whether or not the technical formation is confirmed will likely depend nearly entirely on whether or not Bitcoin is able to find some support around its current price levels.
If the benchmark crypto does start moving lower in the near-term, it is probable that major altcoins like XRP will see some major short-term downside.
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Key Highlights XRP/USD pair has been trading around $0. 28 price territory. A prolong range of trade operations may be experienced around the $0. 28 line. The XRP/USD bulls may be taking time to surge northwards.
Ripple has been deteriorating in bear territory for most of 2019 against bitcoin. The third-largest cryptocurrency is down by over 63% year-to-date. The deep dive has driven many traders to take a bearish stance on the XRP/BTC pair.
XRP has been undergoing a consolidation phase, where the price of the coin has been restricted between $0. 25 and $0. 22. With the recent slump, XRP has been trying to recover in the bear’s market, but all efforts have been in vain.
Ripple Key Highlights Ripple (XRP) is changing hands at $0. 3087, sliding 4. 1 percent in the last week In the daily chart, XRP prices are consolidating. Because of this, a triangle has formed above $0.
Internet’s most-hyped cryptocurrency, XRP, made news recently after Ripple announced that XRP sales in the second quarter of 2019 will be lowered in an attempt to address inaccurate reported volume concerns.
Ripple’s XRP made the headlines for carrying out more than 9 billion XRP transactions between wallets. However, the bullish ride did not last long. XRP was priced at $0. 4363, with a market cap of $18.
The bitcoin price on Friday jumped 7. 48 percent to establish a fresh five-month high towards $5,864. The uptrend further pulled altcoins out of their bias conflict scenarios. Ethereum, for instance, printed 4.
The cryptocurrency market posted major losses following the Bitfinex debacle over the week. The digital coins, however, steered their way out and exhibited minor rises shortly after. The leading coins failed to post impressive rallies as both Ripple’s XRP as well as Stellar Lumens [XLM] were in bearish territory.
The market saw prices of most major cryptocurrencies soar earlier this week. However, the weekend has led to a new turn of events as coins are now being dragged into bearish territory. Among the top-10 coins, the five cryptocurrencies that saw the biggest fall were Stellar Lumens [XLM], EOS, Cardano [ADA], XRP, and Litecoin [LTC].
By CCN. com: Ripple’s XRP is having a disastrous start to 2019. In a year when bitcoin is storming back towards bull territory, XRP has crashed 16 percent. The third-largest cryptocurrency is now the worst-performing digital asset in the top ten.
With most of the cryptocurrency markets heading in the red once again, it is rather interesting to keep an eye on the individual markets. Whereas some people expect big things from XRP, it would appear Ripple’s native asset isn’t making too much headway.
Bitcoin BTC/USD Price Watch Over the weekend the price of Bitcoin came up from $3632 at Friday’s open to $3750 at the highest point on Saturday which was only a quick spike as the hourly candle closed at $3705.
Total crypto market cap added $5 billion during last week and now sits at $138. TRON, Cardano, and Litecoin are the biggest gainers among top ten currencies with two-digit raises while ETH and BCH made a slight downward correction.
Ripple’s expansion remains unstoppable and has now the company behind XRP managed to conquer Israeli territory after closing a significant deal with GMT in an effort to boost the financial industry in the region and consolidate Ripple’s domination of the market.
FOMO Moments Markets are flat again today; Ox surging, XRP and Tezos recovering slowly. It seems that things are back to horizontal territory for crypto markets as very little has moved over the past 24 hours.
XRP (XRP)–Despite being embattled in a year long bear cycle, with the trend extending into deep negative territory over the past several weeks, XRP has posted a double-digit gain in price on the day reversing the otherwise downward trend in valuation.
Stellar has surprised many of us in recent weeks, as it is now making many investors excited to see where it could go.
The exciting possibilities for Stellar are endless. Most of the excitement has gone to ‘high-speed hares’ like Tron and EOS, whilst Lumens (XLM) have been lumbering along like a tortoise.
Ripple has recently seen its price get higher and higher as it broke into the $0. 4500 resistance against the US dollar. After the break, there a was upward surge as the price traded above the $0.
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XRP’s chart is telling a two-speed story right now. While short-term price action remains heavy and key resistance levels are still capping upside, the broader structure continues to quietly mature beneath the surface.
XRP price dropped below $2. 00 this week. Bulls are holding firm near $1. 85 amid 30% volume spike. Ripple has extended its funds inflows, XRP price is showing bullish resilience as it holds above $1.
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Ripple, the blockchain payments and infrastructure company behind XRP, has once again become the focus of IPO speculation. Recent claims circulating among crypto observers suggest the company could be engaging in late-stage discussions for a potential public offering in 2026.
Bitcoin eased in early Asian trading and held around the mid-$87,000 area as market volatility continued to compress. Bitcoin investor and entrepreneur Anthony Pompliano said the absence of a year-end surge may reduce the risk of a major first-quarter selloff.
