XRP Plunge Towards $0.21 Expected, Analysts Fear After 50% Price Rally

An XRP plunge towards $0.21 is expected as the analysts are fearing the future of this asset after its 50% price rally from the past two weeks. The asset is now trading at $0.32 reaching a high not seen since earlier this year so let’s find out more in the upcoming Ripple XRP news.

The analysts are not convicted that the altcoin will continue its surge despite its recent price action. One trader even said that an XRP plunge towards $0.21 is expected before heading higher. XRP saw a stellar price performance over the past few weeks after following Ethereum’s parabolic price trajectory. XRP gained more than 50% in two weeks and it has even crossed above the pivotal $0.30 resistance since June. According to the recent analysis by Michael Van De Poppe, XRP faced a drop to $0.245 or $0.212 as it presses up higher against resistances. Van De Poppe is a cryptocurrency trader that trades at the Amsterdam Stock Exchange who said:

“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.”

This comment came shortly after XRP formed a sell 9 candle on the daily charts according to Tom Demark Sequential. The candle predicted a multi-day retracement though the last time this happened, a rally followed. Not all analysts are bearish on XRP. Most of them however believe that all altcoins are set to underperform at this time on the market. One trader commented:

 “After BTC broke out of a multi month ascending triangle in 2016 it started its uptrend similarly to now. We can see how ETHBTC rallied, but XRPBTC (and other ALT/BTC pairs) suffered. The other ALT/BTC pairs went down 30-50% and only rallied later.”

Wouldn't surprise me to see dominance now rise until BTC all-time highs (pending a confirmed Weekly breakout above $10,600) > break $20k and alts find another bottom (like Nov/Dec 2016) > they rally concurrently like March-June 2017.

— Nik Patel (@cointradernik) July 27, 2020

This makes sense because when Bitcoin is volatile, everyone focuses on its price action and not other altcoins. Nik Patel also explained:

 “Wouldn’t surprise me to see dominance now rise until BTC all-time highs (pending a confirmed Weekly breakout above $10,600) > break $20k and alts find another bottom (like Nov/Dec 2016) > they rally concurrently like March-June 2017.”

How will XRP be affected by this narrative is still not clear. The cryptocurrency could rally on other altcoins due to the unique fundamentals or technical trends.