ICOCalendar.Today

  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍
  • ICO Directory 📖
  • ICT Token 🔥
  • Blockchain News 🗞
    • Ethereum
    • Binance
    • Cryptocurrency
    • Litecoin
    • Monero
    • Ethereum Classic
    • Bitcoin
    • Tezos
    • Tron
    • Cardano
    • EOS
    • Algorand
    • ZCash
    • Dash
    • Chainlink
    • NEO
    • Maker
    • DeFi
  • List a project 💣
  • Submit Press Release 👍

Why Analysts Expect XRP Drop as the Cryptocurrency Slides Lower

8/13/2020

Comments

 
  • XRP is preparing to plunge lower as the cryptocurrency forms a bearish price pattern.
  • The cryptocurrency is actually down 1% in the past 24 hours, despite Bitcoin rallying a handful of percent.
  • XRP’s underperformance of the leading digital asset may add pressure to its move to the downside.
  • One analyst is eyeing a $0.25 price target for the altcoin, which is around 10% below the current price.

XRP Could Drop Towards $0.25 As Price Action Loses Momentum

XRP is preparing to move lower in the days ahead as the asset fails to hold above a critical downtrend formed at the August 2nd highs, according to one trader. Referencing the chart below, which shows XRP’s rejection at the downtrend and the asset’s inability to hold technical supports, the trader wrote:

“$XRP #Ripple (USDT) update – breakout was a “False move”, 25 cents seems reasonable, lower range of high wave spinning top.”

XRP

Chart of XRP's price action over the past eight weeks with a price analysis by trader "Cheds" (@BigCheds on Twitter). Chart from TradingView.com

The cryptocurrency falling to $0.25 from current levels will see it incur a loss of approximately 10%.

This isn’t the only trader expecting XRP to correct further as it fails to retake critical technical levels. Michael Van De Poppe, a cryptocurrency analyst who trades at the Amsterdam Stock Exchange, recently wrote: 

“Buy the dip zones: $0.212 and $0.245. Next resistance zone if this massive one breaks: $0.40. I doubt we’ll continue rallying, but I will be very satisfied to buy the dip,” he commented in an analysis published August 6th. 

Image

Chart of XRP's price action with analysis by cryptocurrency trader and writer Michael Van De Poppe (@CryptoMichNL on Twitter). Chart from TradingView.com

XRP has also formed a “sell 9” candle on its daily chart as per the Tom Demark Sequential. The Tom Demark Sequential is a time-focused indicator that forms “9” and “13” candles when an asset has reached an inflection point in its trend; “buy 9” candles are seen when the indicator predicts bullish continuation and “sell 9” candles are seen when the indicator thinks a trend has found a top.

All Eyes on Bitcoin

At the end of the day, XRP’s price action may be dictated by that of Bitcoin. Altcoins, after all, can be closely correlated to the market leader.

Analysts are actually leaning bullish on Bitcoin as it once again fails to enter a full-blown downtrend due to a last-minute effort from buyers. One trader made the following comment as Bitcoin bounced on Wednesday morning:

“Took out the highs then took out the lows into demand, all within the range of the candle that started the month with a HTF retest. Above the pivotal zone and swing high at $11550 and we should have another crack at breaking $12k.”

How exactly XRP reacts to Bitcoin’s price action, though, remains to be seen.

Featured Image from Shutterstock
Price tags: xrpusd, xrpbtc
Charts from TradingView.com
Why Analysts Expect XRP Drop as the Cryptocurrency Slides Lower


Originally from Bitcoinist.com https://ift.tt/31RFlnG
Comments

    Blockchain News

    Leading global blockchain news provider. A blockchain, originally block chain, is a growing list of records, called blocks, that are linked using cryptography.
    BLOCKCHAIN NEWS

    Archives

    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    November 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018
    February 2018
    January 2018
    December 2017
    November 2017
    October 2017
    September 2017
    August 2017
    July 2017

    RSS Feed

​About

  • About us​
  • ICT Token
  • News​​
  • Testimonies
  • Terms of Service​​
  • ​​We on Google News​ 🤑
  • ​We in the media
  • ​Partners

Let's connect!

News Feeds

  • Blockchain News
  • Jobs Board 👨‍🎓
  • Bitcoin News
  • Ethereum News
  • Binance News
  • ​Tron News
  • Cardano News
  • EOS News
  • Tezos News
  • Stock Markets
  • COVID-19 News
  • Crypto News
  • Chainlink News
  • Litecoin News
  • Dash News
  • Monero News
  • ETC News
  • NEO News
  • Maker News
  • DeFi News
  • ZCash News
  • Algorand News
© 2017-2020 ICOCalendar.Today. All Rights Reserved.