XRP Goes For The Lows As Bitcoin’s Drop Weakens Momentum

XRP goes for the lows as Bitcoin’s drop shifted the entire momentum and got Ripple caught in the throes of immense volatility so let’s check up on the latest Ripple XRP news.

The entire market was caught in a turbulence move due to Bitcoin’s ongoing drop and the weakness came about due to the crypto’s inability to surpass the $0.60 region with it proving to be a heavy resistance level for the token. It is now trading down by about 50% from where it peaked but it is still up over 100% from the recent lows of $0.23. Where will XRP trends in the mid-term depend on BTC and the rest of the market while the benchmark cryptocurrency had a firm grasp on the trends that were set by the market as of late.

The weakness came close as the entire market struggled to gain traction and sellers were overtaking the buyers which forced BTC to crash towards $18,000. This marks a bearish resolution to an extended bout of consolidation which took place around $19,000. One trader expected XRP To see more losses pointing to the BTC trading pair as an example of the mounting technical weakness. He noted that the Spark airdrop narrative could have started the rally and is losing steam and could not guide it any higher.

At the time of writing, XRP is trading down under 1% of the current price of $0.55 which marks a notable decline from the recent highs in the mid 55 which marks a notable decline from the recent highs in the mid $0..
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60 region that was set earlier this week. The selling pressure proves to be quite intense on multiple occasions over the past few days and weeks. Where will XRP Trend next will depend on Bitcoin and the rest of the market. One trader even believes that the Spark airdrop hype that boosted the rally is over and that more technical catalysts will drive ripple’s price action.

XRP Goes for the lows as according to the analyst, the token could see some immense weakness against BTC:

 “The recent drop on BTC has derailed XRP, and it looks to me like we are going for the lows unless we quickly reclaim some key levels. Also, I hope this officially lays to rest all the ‘spark airdrop pump’ narratives that have been floating around. Prep to buy the dip.”

So long as BTC and ETH stabilize and start reversing their downtrends, there’s a strong possibility that XRP will see further upside in the mid-term.