Analysts wonder is XRP preparing to plunge lower as the cryptocurrency started forming a bearish price pattern after it dropped by 1% in the past day despite BTC rallying. In our latest Ripple XRP news, we find out more about the price possibilities.
XRP’s underperformance of the leading crypto asset could add pressure to the move of the downside and one analyst even eyed the $0.25 price target for the cryptocurrency which is about 10 percent below the current price level. XRP is preparing to go lower in the upcoming days as the asset failed to hold the critical downtrend formed during the August 2nd highs according to o traders. The trader wrote:
“$XRP #Ripple (USDT) update – breakout was a “False move”, 25 cents seems reasonable, lower range of high wave spinning top.”
The cryptocurrency failed to the $0.25 level and we will see whether it will incur a loss of 10%. This is not the only trader that believes XRP to correct further as it failed to retake the critical technical levels which is why analysts wonder is XRP preparing to plunge even more? Michael De Poppe, the popular crypto trader at the Amsterdam Stock Exchange 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.”
XRP formed a sell 9 candle on the daily chart as per the Tom Demark Sequential which is a time-focused indicator that forms 9 and 13 candles once an asset has reached an inflection point. These candles can be seen when the indicator predicts a bullish continuation and sell 9 candles that can be seen when the indicator thinks that the trend managed to reach a top. At the end of the day, Ripple’s price action could be dictated by one of Bitcoin. Altcoins are always closely correlated with the market leader. The analysts that are leaning bullish on BTC as it failed to start the full downtrend due to the last-minute effort from the buyers. One trader even made the comment as Bitcoin bounced back:
“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.”
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