XRP Price Remains Under Bearish Pressure. Will Bulls Save the Day?

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Tue, 03/24/2020 - 16:13
Alex Dovbnya
XRP continues to lag behind Bitcoin (BTC) with very few bulls in sight
Cover image via stock.adobe.com
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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. 

Related
XRP Price Risks Falling to $0.05 as Liquidity Rise Slows Down in Major ODL Corridors

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. 

image by @BigCheds

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. 

Related
XRP Price to Fall “While Space Below”: Trading Legend Peter Brandt

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. 

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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