In the year 2017, enthusiasm about cryptocurrency peaked which was tagged as “the crypto mania”, XRP recorded its all-time high of $3.30 while Bitcoin grew about 2,700% setting a record of an all-time high of $19,891 on 17 December 2017.
Since the crypto-mania season, XRP has relatively traded beneath its All-time highs of $3.30.
During the March 12 market carnage which saw Bitcoin testing the new year low of $3,858, XRP was beaten low as it further plunged beneath its trend line to break the $0.18 support turned resistance level to trade then at $0.12, touching down nearly a 3-year low, tweeted a crypto analyst.
While BTC experienced slight rebound to reach as high as $6,900, XRP bulls also regained strength to squeeze up its price to as high as $0.175 in which the bulls ran out of steam and couldn’t proceed further.
It experienced a strong rejection at $0.16 to trade at its recent price.
At the moment, XRP is exchanging hands at $0.156. XRP performance is still way down below as it fell short by 90% comparatively set to its all-time high of $3.30 and 2% down from its daily highs of $0.16.
$0.12 Level Seems Imminent
Analysts are preempting XRP bulls may take a breather as it seemed obvious there is a feasible rejection from further advancement. For the bullish momentum to be upheld, it may need to break the $0.16 resistance level, which it seemed to have established as a short-term high.
Credible Crypto, a crypto analyst sees XRP rejection at the $0.16 level as a forerunner to a correction back to the $0.12 lows after which XRP will undergo a consolidation phase.
XRP which is down by 20% to its year 2020 high may retest the $0.12 level as bullish momentum on the cryptocurrencies seem to be on pause in the past couple of days as BTC is currently trading beneath $6,000.
Of recent, Bitcoin has been a walkable guide for the direction the crypto market is heading. Analysts are paying keen attention to BTC’s next move to determine XRP’s direction.
Image Credit: Shutterstock