Ripple (XRP) May Face Grim Future Despite Todays Bounce

Ripple (XRP) May Face Grim Future Despite Todays Bounce

Earlier this past week Ripple (XRP) along with the aggregated crypto markets faced an incredibly sharp sell-off that sent XRP reeling down to lows of $0.25, which marked a significant pullback from the mid-$0.30 region where it has previously found stability.

Although the crypto was able to post a small bounce today, analysts are still noting that XRP broke below its 2018 support level, which could mean that significantly further losses are imminent.

Ripple (XRP) Finds Support Around $0.25

At the time of writing, Ripple is trading up just over 1% at its current price of $0.265, which marks a slight increase from its daily lows of just below $0.26.

This past Wednesday, XRP incurred a significant influx of selling pressure that sent its price reeling down from over $0.30 to lows of roughly $0.25, at which point it found some strong support that allowed it to climb slightly higher.

It now appears that the $0.25 region is a strong level of support, as it has bounced each time that it has visited this region.

Importantly, unlike many other major altcoins, XRP is currently trading below its 2018 lows, and has now set a fresh low since it first began its downwards ascent from highs of nearly $4.00 in early-January of 2018.

Will XRP Drop Further in Near-Future?

Although analysts are not sure what has been the root cause behind Ripples lackluster price action throughout 2019, some investors have pinned it on regulatory concerns regarding its potential status as a securities product, which others have linked it to Ripple the FinTech company closely associated with XRP offloading massive amount of XRP onto the markets each quarter.

Regardless of what the cause might be, The Cryptomist, a popular cryptocurrency analyst on Twitter, noted in a recent tweet that the recent drop marked a break below its 2018 support level, which could mean further losses are imminent.

$XRP: Relieved I sold last week! Support from August 2018 has now broken. However, I am adding some here as we potentially have a falling wedge here. Breakout would test previous support, she explained while referencing the below chart.

As the week wraps up, it is unclear as to whether or not Bitcoins price action will guide that of Ripples, or if the crypto will operate on an individual basis as it continues to face intense selling pressure.

Featured image from Shutterstock.

The post Ripple (XRP) May Face Grim Future Despite Todays Bounce appeared first on NewsBTC.

17.08.2019 / 14:40 35
Bitcoin Bulls Have Nothing to Worry About Despite Overnight Pullback Bitcoin Bulls Have Nothing to Worry
After consolidating in the upper-$11,000 period for an extended period of time, Bitcoin (BTC) incurred a sudden influx of selling pressure that sent
Bitcoin Faces Strong Resistance at $12,000 as Technical Strength Builds Bitcoin Faces Strong Resistance at
Bitcoin (BTC) has been facing a significant amount of buying pressure as of late that has allowed it to surge from lows of $9,100 to highs of
Ripple (XRP) Outperforms Crypto Markets as Price Stabilizes Above Historical Support Ripple (XRP) Outperforms Crypto Markets
Ripple has been able to once again find strong buying pressure in the upper-$0.20 region, which has historically been a region of strong support for
Bitcoin Screams Past $9,000 Before Incurring Massive Selling Pressure, But This Drop Could be Healthy Bitcoin Screams Past $9,000 Before
After facing an extended bout of sideways trading, Bitcoin incurred a sudden influx of buying pressure earlier today that allowed it to surge past
Analysts Expect Bitcoin to Climb Higher as BTC Forms Upwards Parabola Pattern Analysts Expect Bitcoin to Climb Higher
After picking up some steam this past Sunday, Bitcoin was able to approach the $5,200 level before dropping slightly. Although the previous drop
Markets Steady After Yesterdays Plunge, Analyst Says Bitcoin Is Nearing a Buy Zone Markets Steady After Yesterdays
After a day of widespread losses, the cryptocurrency markets appear to have found some stability at their current levels, and one analyst believes
Comments (0)
Add a comment
Comment on