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Cryptocurrency trader Big Cheds has noticed that XRP is showing very little strength against Bitcoin, the number one cryptocurrency by market cap.
His chart vividly shows that the XRP/BTC pair has posted two red daily candles after a failed bounce.
XRP remains on the ropes
The XRP/USD price chart seems to be more promising with the bullish engulfing candle printed on March 23. At press time, the third biggest cryptocurrency is sitting at $0.16 on the Bitfinex exchange.
However, there is little doubt that XRP will ruin this setup the second Bitcoin takes a hammering. On March 12, the black Thursday, it tanked by nearly 50 percent to its multi-year low of $0.11.
XRP’s downtrend might continue
After finishing 2019 with a disappointing 40 percent drop, XRP investors saw a glimmer of hope in 2020, with the price of the token surging by nearly 90 percent in February. As of today, all these gains have been erased.
XRP is currently down 95 percent from its all-time high of $3.29. As reported by U.Today, prominent chartist Peter Brandt suggested that it would be a good buy when it hits $0.00826.