Ripple's XRP Price Could Drop to $0.10, but This Top Analyst Would Still Be 'Cautious' About Buying It

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Tue, 12/17/2019 - 07:10
Alex Dovbnya
Ripple's XRP could remain a bad buy even at $0.10, according to crypto analyst Jacob Canfield
Cover image via 123rf.com

2019 was definitely not the year of buying dips for Ripple's XRP holders. The third biggest cryptocurrency just kept spiraling down without showing any signs of mercy.

So, when will this nightmare end for the #XRPArmy? Most likely, not anytime soon. Even the much-awaited SWELL event, which took place in early November, couldn't save the day.  

According to top crypto analyst Jacob Canfield, he would still be on the fence about buying XRP even if its price were to plunge to as low as $0.10. In fact, he says that one of his proudest achievements in the current year was talking his family and friends out of buying Ripple's native token. 

image by @JacobCanfield

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Meanwhile, trader Nebraskan Gooner suggests that buying the token in the $0.07 area would be a great opportunity. As reported by U.Today, trading legend Peter Brandt predicted that the token could collapse to as low as $0.02

The price of XRP surged by more than 30,000 percent in 2017, which made it the biggest success story of the year. On Jan. 8, it reached its absolute peak of $3.36 on Jan. 8, 2018. However, the token's price started to tank in tandem with the rest of the crypto market. 

At press time, XRP is changing hands at $0.19, which is the lowest point for the token since early November 2017, which represents a painful 94 percent decline from its all-time high. Those who bought $100 worth of XRP at the top would be left with only $6.

 

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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