Ripple Price Is On The Verge Of A Free Fall: Still Below $0.16

The Ripple news today show that the native token of the cryptocurrency project led by Brad Garlinghouse, XRP, is sitting on top of “white space” according to a prominent analyst. The Ripple price is on the verge of a free fall and a further fall could spell disaster for the third largest crypto asset.

Yesterday, we saw how XRP prices were slashed to levels not seen since May 2017. Despite the entirely painful sell-off, one prominent crypto analyst estimates that the main asset behind Ripple could enter a free fall.

We are talking about Peter Brandt who is okay with the fact that the Ripple price is on the verge of a free fall. The 45 years trading veteran noted that XRP is sitting on top of white space and when looking at the prices since August 2016, we can see that there are no support levels that could help XRP if there is a further decline.

I am breaking a promise.

I said I would never again post a chart of $XRP

But, I thought you all might be interested in what it means to have …

"While space below" pic.twitter.com/Pse2DkEXfp

— Peter Brandt (@PeterLBrandt) March 12, 2020

The lack of support is clearly what weakens XRP, according to Brandt, and what is a result of the price action following the $3.3 peak in January 2018. Since then, the coin entered a relentless downtrend and destroyed 96% of its value.

“Almost everyone who has bought XRP since May 2017 has a loss,” Brandt said in the cryptocurrency news.

Although he did not predict the exact price trajectory of the XRP price, Brandt is optimistic and pointed out that “XRP is not a true crypto.” Instead, he described it as a financial instrument which can serve for those who believe that “crypto is a religion.”

Regardless of its status, the Ripple price is on the verge of a free fall. Some say that the Ripple XRP price could bounce back once the coronavirus crisis disappears and others think that the patterns look suspicious. A further increase in buying pressure could push the XRP price to the middle or upper boundary of its channel.

XRP needs solid momentum and soon could rise if that happens. Alternatively, it could end in disaster for all bag holders who hope for a new bull run. Today on the market, we can see that XRP is still on the verge of breaking $0.15 but yesterday, we even saw it trading in the $0.14 region at one point.