XRP Sees Huge Retrace But Analysts Are Still Optimistic

XRP sees huge retrace from the recent price levels but the analysts remain optimistic since they saw the asset riding a roller-coaster ride over the past few days and weeks. Ripple broke out of the multi-year trading channel earlier this week which allowed the price to increase to highs of $0.90 on some exchanges but let’s find out more in the latest XRP price news.

The selling pressure was strong with many long-term holders using the pump as the exit opportunity but XRP struggled to gain more momentum which could be a sign that the downside movement is imminent in the upcoming days and weeks.  The downturn that was seen across the aggregated market could be hampering the growth as BTC and ETH dropped as well and caused most altcoins to post some serious losses.

One trader noted that there are some signs that XRP will be forming a long-term bottom and he pointed out the closing above the key high time frame level while potentially locking in the bullish divergence in the near-term. For the bullish factors to actually result in the cryptocurrency to see more upsides, the bulls have to hold it above one crucial level in the upcoming days ahead. At the time of writing, XRP is trading down at 30% with a price of $0.46 which marks a huge retrace from the recent highs of $0.90 that was set earlier this week.

Where will the entire market trend in the mid-term depend on Bitcoin’s trend as the selling pressure was facing a dip to as low as $16,200 earlier today before it saw a huge rebound. XRP seems to be finding some support around the current price levels and the continued bout of trading will allow it to rally higher. One trader explained in a tweet that XRP shows signs of technical strength and noted that the intense buying pressure that was seen around the current price level will confirm that this is the high time frame support region:

 “XRP: Wishful thinking that it closes this hourly green, locks in the div, and stays above key HTF level?”

XRP will trade similarly to other top altcoins in the upcoming days and weeks, making strength seen across ETH and BTC pivotal for the coin to move higher.