Analyst: XRP bulls are “impotent” because they are another failed bounce setup
The cryptocurrency market has been in a steady upward trend in the past few days as Bitcoin is up to its main resistance in the top 6 region. 000 – Dollar mark has risen and many important altcoins, including XRP, could post some profits.
Although XRP has its key position above the support of 0, 15 $, it hasn't quite achieved Bitcoin's performance in the past few days and weeks.
This has prompted analysts to determine that XRP has some underlying weaknesses, which may indicate that Ripple will soon lose support and fall.
XRP – below-average performance compared to Bitcoin
At the time of writing, XRP becomes 0, 16 dollar traded, a slight increase from yesterday's daily low of 0, 15 means dollar. Today's move is somewhat subdued as XRP rose about 2 percent. Well-known analyst Big Cheds said:
“Ripple – daily chart – looks like another failed rebound since the bulls remain impotent,” Big Cheds noted in a recent tweet.
$ XRP #Ripple – Daily chart – Looks like another failed bounce setup, as bulls remain impotent # TheStandard pic.twitter.com/a66 ETWsaFv
– Big Cheds (@BigCheds) March 24, 2020
How far could the cryptocurrency fall before finding any significant support?
Even if 0, 15 Dollar could act as strong support in the near future, some analysts believe that XRP will go much lower before it can find any significant support.
Livercoin, a prominent crypto analyst on Twitter, spoke in a tweet from last weekend about the competitive XRP, saying that he expects XRP to add another 30% or more will go down before any significant support is found.
Expecting another 30% drop on $ XRP
2500 sats support holding strong but bulls are going to throw in the towel eventually… pic.twitter.com/9M9I2ZGpyh
– Livercoin (@livercoin) March 22, 2020
This potential bear market will increase further if BTC is unable to maintain its current stability as a strong rejection in the region of the top 6. 000 dollar could lead to a potential decline in XRP capitalization.
Proof of text: newsbtc
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