Following the massive Bitcoin drop that started last week and brought BTC down from $7,400 to the $6,000 area very quickly, the XRP price also dropped from $0.19 to $0.15.
As Bitcoin continued its decline today along with gold and financial markets, XRP slumped a little more and is now trading at the $0.13 level.
Analysts seem to be bearish and are not expecting the third largest coin to conduct any bullish reversals soon.
‘Remaining calm, awaiting sub $0.10’
XRP enthusiast @RobertArtRobArt believes that XRP is bound to go lower and that $0.10 would not serve as support. The $0.13 support level has just been broken, he tweets. Now, he expects the price of the third largest currency to drop below $0.10.
‘Fast moves not likely next few days’
Trader ProjectSyndicate from TradingView has also shared his prediction on the next XRP price moves. The next move, he says, is no moves. The market needs time to digest the recent XRP price fall.
“So let's take a look at XRPUSD and key levels for short-term trading. We are likely locked in range, because we just had a massive dump, so fast moves not likely next few days or even weeks, takes time to digest big moves in the market.”
Twitter user @gordongekko369 also posted a bearish chart.
‘XRP is not designed to be the store of value’
Trader ‘JOKER’ has cited Brad Garlinghouse, saying that XRP was never meant to be a store of value but, rather, a global reserve currency. The trader also commented on the Bitcoin price collapse, saying that BTC has failed to serve as one. He tweets:
“Brad clearly said #XRP is not designed to be the #StoreOfValue but rather a #Global #reserve #Currency. #Bitcoin failed to act as one.”
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