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

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  • Alex Dovbnya
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    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
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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.

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.

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Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin

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  • Alex Dovbnya
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    John Griffin says that rapid price swings are possible because it can be manipulated by deep-pocketed whales who are not stronger than ever

Bitcoin Price Can Be Easily Pushed Down by Whales: Professor John Griffin
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Economics professor John Griffin recently rang alarm bells over the impact of Bitcoin whales on the Bitcoin market. 

Griffin told Bloomberg that a few large players could easily push the BTC price down at a whim. 

"The problem with a few large players holding crypto is that when they sell they can easily push the price down, which makes the market susceptible to rapid swings."  

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Whales are getting more powerful 

According to data released by CoinMetrics, the number of orange coins controlled by deep-pocketed Bitcoin investors reached its highest point in four years in 2019. As of December, a whopping 42.1 percent of Bitcoin's total circulating supply is stored in wallets that hold between 1,000 and 1 mln BTC. 

While crypto exchanges are known to be the owners of the richest Bitcoin addresses, investor Aaron Brown warms some of the new whales on the block are family offices and affluent individuals who are not exactly keen Bitcoin believers who might be tempted to jump ship if things turn south. 

“I doubt they have infinite patience, and without significant growth in actual use, I would expect them to quietly withdraw to chase other promising technologies,” Brown said.

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Becrying Tether's impact on Bitcoin 

Speaking of those who don't believe in Bitcoin, Griffin probably takes the cake as one of the most prominent naysayers. Back in June 2018, together with his colleague Amin Shams, he published a paper that explores how Tether was allegedly responsible for propelling Bitcoin to new highs during the peak of the previous bull market in December 2018. 

At the beginning of November, the two academics came up with an even more shooking claim -- the historic ascent of Bitcoin to its current all-time high of $20,000 was the deed of a single whale on Bitfinex, the affiliated exchange of Tether.

Tether dismissed the updated study as a puff piece that was meant to back up a $1.4 trln lawsuit against the flagship stablecoin issuer. 

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.

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