XRP, 4th largest cryptocurrency and the native cryptocurrency behind Ripple, a real-time gross settlement system widely used in cross border remittances has been reputed as being the worst-performing asset in the crypto space.
This isn’t far-fetched as after XRP had been in a year-long consolidation bout, it kept on hitting lower highs and setting lower lows. There’s no gainsaying that XRP is comparably behind several other Altcoins making it the worst performer for almost two years.
This had not always been the story of the 4th largest crypto asset, way back in December 2017, XRP’s value surged by nearly 900% when it rose from just around 20 cents to $2.45 further-reaching $3.50 during the time.
Despite XRP being 94% down from its all-time highs, the crypto asset has regained 66% of the losses it suffered during the March market carnage when it hit lows of nearly $0.11, but this isn’t any way to be compared with Bitcoin which gained 150% or Ethereum 160% gain. However, XRP’s 66% gain is still quite remarkable.
XRP/USD Daily ChartDespite this performance in its USD pairing, XRP keeps on setting fresh lows in its BTC pairing, the newest lows it set took XRP back to the price it had last traded before hitting its all-time highs. This has prompted analysts to say that this might be a win or bust moment for XRP, either it reels lower or rebounds from the lows set.
Why XRP has been underperforming, analysts have traced it to first, its extremely high inflation rate in comparison with other crypto-assets.
Second, XRP is being affected by the general performance of the Altcoin community depicted by dwindling user volume and prices.
XRP/BTC Daily ChartXRP is trading at 0.00001959 BTC, while it trades at $0.19030 in its USD pairing.
This moment seems to be quite dicey for XRP as a cryptocurrency research firm noted that XRP seems to be in a bear market. Weiss Crypto Ratings puts XRP in a bearish market position drawing from the fact that after it hit a high of $0.23 in May, XRP has reeled further and lower.
Analysts anticipate a further plunge in its market price in days ahead.
Cryptoanalyst Peter Brandt anticipates a 90% plunge in XRP/BTC. He noted that XRP had plunged beneath a key support level that was quite significant, way back in 2017, and the last two months. If XRP bulls fail to reclaim this territory, XRP may plunge by 90% in its BTC pairing to 194 Satoshis, or beneath $0.02 XRP at recent BTC prices.
A trader who remained incognito had earlier stated this year that the chances of XRP ever breaking above $1.00 was very slim.
On the flip side, an analyst noted that if history repeats itself when Ripple plunged beneath this aforementioned support level in the past, its price surged by nearly 1000% prompting the TD Sequential indicator to trigger a buy signal on its BTC and USD weekly timeframes.
However, the overall sentiment surrounding XRP price activity remains bearish, but in case of an event reversal, the newest lows it set might be amongst the last.
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