Trader warns that the crash of XRP is not over yet
Although all cryptocurrencies have been hit hard in the past few weeks, XRP has been particularly hard hit. The Altcoin fell to $ 0 on Thursday, 105 compared to just weeks earlier determined maximum of 0, 345 dollars a year 2020, which is a decrease of 70)%.
Will the XRP price continue to fall?
Well-known trader Peter Brandt recently posted and wrote the chart below on Twitter:
I said that I would never publish a chart from XRP again. But I thought everyone would be interested in what the following means:
Although he did not provide a price prediction for the cryptocurrency, his comments in the tweet showed what he was aiming for. He suspects there is almost no price support as the cryptocurrency has fallen below a number of moving averages and key support levels.
I am breaking a promise.
I said I would never again post a chart of $ XRP
But, I thought you all might be interested in what it means to have…
“While space below” pic.twitter.com/Pse2DkEXfp
– Peter Brandt (@PeterLBrandt) March 12, 2020
Brandt's tacit warning of XRP's future prospects comes shortly after he explains that when he looks at the Bitcoin chart “impartially”, he prices “below- $ 1. 000″ supposed. It is not clear whether his prediction that Bitcoin will over time 50. 000 Will reach dollar and more is weakened as the asset's price has recently fallen below one of the long-term growth lines it has drawn on its charts, which is not good for bulls.
Bitcoin bounce could save altcoins
Fortunately, analysts are currently seeing a bull market for Bitcoin, which means that XRP may also find demand soon, at least in the short term.
Trader CJ noted that there are more reasons to be bullish than bearish on Bitcoin and noted that the cryptocurrency has started trading above a swing low pivot, diagonal support.
There are other analysts that are bullish. For example, Filb Filb has pointed out three reasons why Bitcoin could move up: The short-term chart has formed a textbook Adam and Eva bottom, the financing rate at BitMEX favors a bullish reversal and the order book is back with Purchase orders filled.
Proof of text: newsbtc
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