An XRP analyst who is responsible for many predictions that have come true made the prediction. He said that the XRP token has potential but it has to move above the resistance at the 2,800 level to enjoy its full potential. In his words;
“Until proven otherwise, this is a bearish retest on the $XRP / $BTC chart of a range that we previously broke down from. I am going with the assumption that $XRP has one final capitulation lower before it outshines #bitcoin.”
According to the analyst, failure to claim this level will lead the XRP token down to the resistance at 1,180 near-term. He referred to how this level acted as pivotal support for XRP in 2017. Right now, the Bitcoin BTC token is stuck in the range it has been in for months, $10 – $11.
Rising above the $12 is easy but holding the line seems impossible for Bitcoin near-term. Bitcoin BTC is currently trading at $11,411.89. It was up by 0.58% against the USD with a trading volume of $20,015,150,086 and a market capitalization of $211,355,327,500.
Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.
- Ripple XRP Has Lost the Support at $0.25 and is Now Trading in the $0.24 Level
- Analysts Predict That The Token Will Fall Significantly if it Loses the Resistance at 2,800 Against Bitcoin BTC
As the XRP token moved above the $0.25 level last week, most analysts believed that it was on the verge of higher highs near-term. Unfortunately, XRP hovered above the $0.25 level for some days before it finally lost this support.
Since the support was lost, the XRP token has been trading in the $0.24 level. To be fair, the XRP token wasn’t falling in isolation, almost every altcoin was falling at the same time as XRP. The fall below the $0.25 support has pushed the XRP token into a bearish trend and there is a strong risk of a more significant retraction if things don’t change near-term.
At the time of writing, the price of the XRP token was $0.241961. The token was down by 0.03% against the USD and down by 0.60% against Bitcoin BTC. The trading volume over a 24 hour period was $1,104,417,481 and the market capitalization was $10,948,247,067.
The XRP token is at risk of a macro bearish retest against Bitcoin BTC. Now, the XRP token has formed a horizontal resistance around the 2,800 satoshis level against the BTC. If XRP moves above this level, it will make higher highs near-term. On the other hand, if the token faces rejection at this level, it might fall by over 55% against the USD.