Analysts Await Final XRP Capitulation After Crashing Further

Analysts await final XRP capitulation after the altcoin crashed below the key support level while Bitcoin is pushing the multi-month highs. Ripple is trading at $0.205 over 10% lower than the $0.245 high while Bitcoin is trading 3 percent below its $10,100 monthly high as we are reading in the Ripple price news below.

It’s still soon to expect XRP to rebound against Bitcoin but analysts await to see the price of the asset crashing further as it slipped below the key support levels.
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XRP was unable to match the gains with Bitcoin which caused the XRP/USD pair to fall below the crucial price level which held the support twice over the past year. According to a popular crypto trader, this will open up the cryptocurrency to a final capitulation which will bring it from around 2,000 and 2,300 satoshi to 1,500 satoshi over the time period of one month. A move like that could mark a drop of around 30%.

The idea that XRP will drop to the 1,500 satoshi range was echoed by Mohit Sorout who is a founding partner at crypto investment fund Bitazu Capital. He said that the loss of the support level will likely send the asset down to the previously mentioned level. He explained:

 “XRP broke down from a year long range. Short from 2200. Wouldn’t be surprised to see this at 1500 before June ends.’’

While it seems that the analysts are signaling XRP out, the consensus is that all of the altcoins will underperform against Bitcoin. Josh Olszewicz a crypto analyst, said that bitcoin’s dominance chart printed a textbook signal of a golden cross. In this case, the 50-day moving average crossed the 200-day moving average of the BTC dominance chart. This tracks what percentage of the market is made up of Bitcoin. The previous golden cross of the BTC dominance chart preceded massive rallies in Bitcoin against XRP.

The bearish outlook on other altcoins can also be seen in the analysis by other analysts as one even shared that last week altcoins will soon struggle and have ‘’ max pain ahead of themselves’’:

 “ETH heading for levels not seen since 2016. LTC trading below 2014-2016 prices. XRP heading for levels from 2014, 2016, and 2017. The alt market looks like it could capitulate soon. Seems like the worst is yet to come but afterwards should provide huge opportunities.’’