Ripple Shatters Major Macro Support Level Eyeing Serious Downside

Ripple shatters a major macro support level but XRP is still underperfoming Bitcoin and sees downside against the USD trading pair within the bullish market conditions as we are reading in the Ripple XRP price news.

This XRP weakness is the one that saw Ripple shatters to beneath the key support level which is bolstering the price action. The analysts are seeing that it could soon see a freefall which will lead to a new lower level because of the weakness that results in a technical breakdown. The aggregated crypto market went through a lot of bullishness and the Bitcoin rally to $10,000 allowed some of the other altcoins to capture a fraction of the momentum although XRP dropped over the same trading period.

It seems that the price action of yesterday caused the Ripple XRP price to drop below the key support level which was bolstering the price action. This breakdown led the analysts to see a serious downfall in the upcoming days and some called the token a ‘’dead end.’’ At the time of writing, XRP is going marginally against USD at a price of $0.217 from the daily highs of $0.22 that were set yesterday.

The weakness in price seen by the token can be seen while looking to the BTC trading pair. It is currently down by 6% against Bitcoin which marks a severe underperformance of the number one assets that forced it to the decline below the previously strong support level. Another analyst offered a new chart that shows the breakdown point below the support level below the latest decline against BTC which caused a problem for XRP as well as for EOS. The analysts is not the only one that noticed the dire technical situation caused XRP’s decline against Bitcoin.

Peter Brandt also spoke about XRP explained that he is quite bullish on both ETH and BTC and he believes that the token is a ‘’dead end.’’ He pointed out that the manipulated market is a reason to support his belief which is a reference to the heavy involvement of Ripple in the crypto market. He explained:

 “In 45 years as a career market speculator, I’ve come to discern the real deals from the possible scams. I’ve only attempted to warn people that XRP is a manipulated market & a dead end.’’