An analyst on NewsBtc has said that XRP still has what it takes to recover higher irrespective of the current price. The analyst noted that the technical indicator has formed a buy 9 candle per the TD Sequential.
This is one of the best indicators of a bullish reversal. So, depending on the price of Bitcoin BTC and the general market trend in the next few days, XRP might be poised for significant gains. Right now, the price of Bitcoin BTC is
$11,339.12. It is down by 0.86% against the USD with a trading volume of $22,535,113,789 and market capitalization of $209,458,977,102.
According to one Blockfyre analyst, XRP is still in the consolidation stage. In his words;
“$XRP Still consolidating around this ever so important S/R that dates back 3 years. Ultimately expecting this to move up over the next few months at its own pace. Eyes on .475 in the coming weeks… You despise money if you don’t own XRP. The maximum point of financial opportunity is right at these levels.”
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.
- Ripple XRP Continues to Decline Falling Below the $0.2700 Level With Lower Lows to Come
- XRP is Down by More than 5% in the Last 24 Hours and it Must Move Higher if it is Make Any Significant Progress Near-term
Throughout the week, the Ripple XRP token has been bearish against the USD falling lower and lower against the USD in an epic pullback. In our Ripple News yesterday, we noted that the XRP token was going to make progress if it managed to gather the bullish momentum required to test the $0.2850 level.
In less than 24 hours, the XRP token has fallen by more than 5%. While the token has been falling slowly over the last three weeks, it is important to note that the token took a hit when Bitcoin BTC took a turn below the $10500 level dragging the rest of the cryptocurrency market along.
At the time of writing, the price of XRP was $0.269532. This means that it is down by 0.99% against the USD and down by 0.33% against Bitcoin BTC. The trading volume over a 24 hour period was $1,372,855,877 and the market capitalization was $12,127,572,634. Losing the support at $0.2850 made things worse for XRP and it was followed by smooth sailing downward since then.
Right now, there is strong support at $0.2500. As long as the XRP token does not fall below this level, there is a strong chance of recovery. Otherwise, there is no telling how bad things will go before they get better. The good news is that it will get better.