2019-4-28 10:30 |
XRP, the third largest coin on CoinMarketCap, has been falling since the beginning of the year, and a trend reversal is nowhere in sight. XRP started off the year being valued at $0.3607 and has recently plunged under $0.30. According to Peter Brandt, an old-school trader, XRP has reached the point of falling even further.
Brandt has been analyzing the market for a long time and his latest analyses of XRP projected a descending triangle formation, which indicates a bearish forecast. Brandt had predicted this fall earlier too and his current tweet suggests that the awaited fall is close:
“Do or die time for the $XRP bag holders”
Source: Twitter
The recent plunge of XRP to $0.30 was led by the Bitfinex-Tether fiasco, which also caused the entire crypto market to lose nearly $10 billion within an hour. Even though Ripple, the native company of XRP, has been posing as strong support to the coin since its inception, the current efforts of the company do not seem to have helped XRP’s standing.
However, Brandt had earlier suggested that the low prices of XRP are a deliberate effort to manipulate the market. On March 22 Brandt had tweeted:
“Dynamics at work in a massive descending triangle that moves to apex.
1. Mkt is manipulated
2. Manipulators support at fixed level
3. But are forced to lower their selling price as time goes on
4. If (when) support gives way, desperation will ensue.”
According to his current tweet, XRP is awaiting a bearish breakout over a long time and each fall is bringing the market closer to it. At press time, XRP was valued at $0.2980 after plunging by 8.48% over the past week. The coin registered 0.02% growth in the past day and 0.48% within an hour.
The post It’s do or die time for XRP holders, warns an old-school trader as the coin plunges under $0.30 appeared first on AMBCrypto.
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