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Bearish Ripple Chart Analysis Pointing Towards Short Term Price Losses: Is It Time to Sell XRP?

  • Jack Thomas
    🤷 Opinions

    After a week or so of good price growth, Ripple looks as if it could be in for a short bear run, so maybe it's time to take profit

Bearish Ripple Chart Analysis Pointing Towards Short Term Price Losses: Is It Time to Sell XRP?
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A look over the charts for XRP shows some good growth since last week. However, there has been a bit of a flattening out, and even an inability to hold key support levels. This is key in trying to predict the next steps of XRP’s price, and technical analysis suggests that a small bear run could be imminent.

Ripple’s price failed to stay above the $0.3250 and $0.3200 support levels and declined against the US dollar. The price also failed to hold gains and declined recently against Bitcoin. XRP/USD could slide towards the $0.3050 support before starting a fresh upward move.

Because of these predictions, it might be time for some smart trading, selling some tokens for profit taking before looking for the bottom again and buying back in.

A look at the charts

Over the last five days, XRP peaked at $0.354 on Wednesday before correcting down and rebounding to $0.352; however, it has since fallen back to $0.342. There was some fight back from the XRP token to try and pick up those gains again over the last few days, but overall it has fallen twice, unable to maintain those support numbers.

Bearish Ripple Chart Analysis Pointing Towards Short Term Price Losses: Is It Time to Sell XRP?

After a period of trading relatively flat, and with indications showing it is struggling to hold its gains, the prediction would be that the price of the coin will face bearish tendencies in the short term.

More small drops can be expected, with undulating rises that fail to stick. It is not gloom and doom for the cryptocurrency, rather a period of correction after a good rise that set off the market growth earlier in the week.

For investors or traders, this is actually good news given that if the prediction is correct, there will be a chance for profit taking as people sell off tokens after the bull run, only to ride out the bearish run in order to buy back.

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Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls

  • Jack Thomas
    🤷 Opinions

    📊👀Ripple’s Market cap, through its XRP token, was ahead of Ethereum at a few stages, but its price prediction has slowed and come under pressure from resistance below the $0.33 mark, and in doing so, Ethereum has pushed higher into second place

Ripple’s Market Cap Further Slips Behind Ethereum as XRP Price Prediction Stalls
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Contents

Ripple, and its native token XRP, have been stuck in a bit of a price vacuum over the past few weeks and months as many other coins have managed to break such marks. Sitting between $0.30 and $0.33, XRP has actually started to even lose ground on Ethereum in terms of market cap.

The third-ranked coin by market cap has in the past managed to over take the smart contracted-based blockchain as it surged in interest and growth in the recent past, but now it has fallen back by nearly $2 billion.

In terms of price prediction, XRP has a lot of hope and positivity surrounding Ripple’s efforts to make it a staple of banks going into the digital age, but it has stalled in its own growth recently, which is surprising seeing as other altcoins have doubled in 2019 alone.

XRP’s sticky situation

There was a small drop in the market last week which was halted when Bitcoin managed to keep above $4,000, but XRP also tested an important resistance. After testing the $0.3000 support, XRP’s price started a short term rebound against the dollar.

The price traded above the $0.3050 and $0.3080 resistance levels. The price even traded above the $0.3100 level, but it faced a strong resistance near the $0.3120 level. Besides, the price even failed to test the $0.3120 level and the 100 hourly simple moving average. A high was formed at $0.3113, and later the price started a downside move.

XRP is especially low currently, testing its floor rather than the ceiling, which has been seen closer to the $0.33 mark, but what is not helping the coin get past any of these resistance marks is its drop in market cap.

Ethereum taking the initiative

It is difficult to tell if Ethereum is making ground on XRP’s market cap based on its own growth – which has not been astronomical in terms percentage gains in the last few weeks – or if it has to do with XRP losing its own worth and value in the eyes of the market.

Ethereum is facing some major changes in the near future, and it could be that early investors are starting to look for a cheap deal as they prepare for the Casper upgrade and the change to Proof of Stake. Ethereum is bound to make big ground when that happens.

Ripple may not admit it, but having XRP as the second ranked coin above Ethereum would be a big deal for them as it adds a lot of legitimacy in the general market and helps in boosting their own worth and value as a company looking for more partnerships.

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