Bit News Live

Ripple News Today – As XRP Consolidates, Analyst Predicts That the Token Still Has a Long Fall Before Any Recovery – September 16th, 2020

  • Ripple XRP has Fallen Significantly Against the USD Over the Last Few Weeks
  • Despite the Fall in Price, the Token is Still Primed for Lower Lows According to the XRP Price Analysis
  • The XRP Token May Fall By Another 35% Before There is Any Hope for a Significant Recovery 

Ripple News Today – Ripple XRP has found its way back to the bearish territory as the consolidation is leading to lower lows near-term. Despite the fall in the price of the token, there is a strong chance that it will recover long-term. However, one XRP price analyst has predicted that the token will fall by up to 35% from its current level before it starts any significant recovery. The analyst pointed out three reasons to support his theory. These reasons will be listed below.

Ripple News Today – XRP is up by More than 25% This Year Despite Current Prices

At the time of writing, the price of the XRP token was $0.244471. This means that it is down by 1.29% against the USD and down by 2.35% against Bitcoin BTC. The trading volume over a 24 hour period was $2,042,732,147 and the market capitalization was $11,011,531,250. The 25% rise in price it enjoyed at the beginning of the year seems useless now since it has lost almost all those gains and will most likely move lower in the next few days. The analyst from TradingView.com as reported by NewsBtc said that there are three bearish setups on XRP’s technical charts.

The three bearish technicals the analyst pointed to are the bearish divergence, long term moving average wave, and the death cross. The appearance of all the technical indicators at the same time is indisputable proof that the XRP token is going to fall by at least 35% before the bulls gather the momentum it needs to recover. If this happens, XRP will move as low as $0.15, a level it has not tested for months. The $0.15 level has been the classic support level for months. The analyst believes that a drop to this level is what XRP needs to become bullish against the USD. It will propel the token to build up momentum, moving faster sooner.

Things became worse for XRP when the token moves below the 200 days moving average. In his words;

“You can see that price first fell below 200-WMA (in purple) in the summer of 2019,” the analyst explained. “XRP has consistently failed to rally back above the 200-WMA. It has been rejected there on the past three major attempts. That’s a bearish divergence that could lead to weakness in the coming weeks,” the analyst said. “Although, there has already been a breakdown of the divergence on the RSI.”

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

Source
Smartereum

Add comment

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Live Price

powered by Coinlib

Crypto Converter

powered by Coinlib

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

%d bloggers like this: