0
🤷 Opinions
472 views

XRP (Ripple) Price Analysis: Resistance Gets Tested — Bearish Prediction Could See It Slip Even Further with $0.28 Possible

  • Alex Dovbnya
    🤷 Opinions

    XRP’s price has once again fallen through a level of resistance as the $0.30 mark is now in danger as the market turns bearish for Ripple. Hovering between $0.30 and $0.33, XRP has been stuck in a price vacuum while other altcoins have been growing through the cryptocurrency spring, the fear being that $0.28 could be the next level of resistance


XRP (Ripple) Price Analysis: Resistance Gets Tested — Bearish Prediction Could See It Slip Even Further with $0.28 Possible
Contents

Despite much positive news surrounding XRP and Ripple, the cryptocurrency has struggled to break out of a price vacuum around $0.30 and $0.33, often testing different resistance points on the cent. The latest move from the cryptocurrency now sees it flirting with that low bottom of $0.30.

The cryptocurrency market has, in general, been very amenable to altcoins with the likes of Dash doubling their value since 2019 began. However, Ripple and its native token have not been doing so well on the general market.

In contrast to other altcoins, XRP began the year at $0.35 and has now lost five cents despite Ripple making advancements, suggesting that while the crypto spring may be in full bloom, XRP is actually still stuck in a bearish cycle.

Slowly slipping

XRP’s price has been in decline as it heads towards the $0.30 mark, even falling below it briefly on some exchanges. There was a strong decline in the price from the $0.3100 resistance. The price failed to hold the $0.3080 and $0.3060 support levels and entered a bearish zone.

There was a sharp decline below the $0.3040 support, and the price settled well below the 100 hourly Simple Moving Average. There seems to be pressure on the $0.30 mark, but as it holds currently, XRP could survive this bearish push. However, if it was to fall below that, $0.28 is a high possibility of being the next mark.

Panic stations?

It is not all doom and gloom for XRP and Ripple in general as an investable asset – the advancement being done as a project should outweigh the small market pressure. There is only positive news emanating from Ripple as they push for bigger adoption, thus the project is in a good space even if the market is under pressure.

One could argue that the release of IBM and JP Morgan’s cross-border cryptocurrency projects are hurting the startup and its token, but that would be short-sighted as it would rather indicate that other companies are noting the need for what Ripple is doing.

While 2019 has continued to be bearish for XRP, and other tokens have actually profited, the long run should be better for Ripple as the market power alone could help it stay up and push past resistance barriers going back up again.

Cover image via u.today
Join our Telegram channel to get news even faster!

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an 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.

👓 Recommended articles

This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings