Veteran Trader says Ripple’s XRP Coin Price Could Still Drop Another 50%
- XRP to $0.16? It all depends on bitcoin
- Losing $0.29 support will be a cause for concern
The third-largest cryptocurrency XRP is currently in the green by 3.48 percent at $0.346, at the time of writing. This positive change in the cryptocurrency prices in the past 24 hours is the result of Bitcoin holding steady below $12,000.
As Bitcoin takes a breather, altcoins have turned green, some of the top altcoins going as high as 13 percent. Despite the green, XRP is still down over 10 percent in the past 7 days and in the red by 2.15 percent till date in 2019.
Among the top 40 cryptocurrencies, XRP is the second-worst performer, being in the negative in 2019. The top spot is claimed by Stellar Lumens (XLM) which is down by 12.19 percent YTD.
XRP to $0.16? It all Depends on Bitcoin
The digital asset is actually down 91 percent from its all-time high $3.84. So, the rally would have an immense scope of growth for XRP price. However, before we go up, could we go even lower?
According to veteran trader Peter Brandt, we might, it all depends on Bitcoin.
“If BTC has intermediate correction then XRP will go to $.1600,” said Brandt.
— Peter Brandt (@PeterLBrandt) July 11, 2019
A move this low means a correction of more than 50 percent from XRP’s current price level. The last time we hit this level was during the bull run in September 2017.
During the second quarter, we have already seen how Bitcoin price surging to make new 2019 highs resulted in more pain for altcoins. So, it won’t be surprising if XRP takes another hit.
A move like such has been already called out by many analysts, not just for XRP but for altcoins in general before we get to see the alt season. However, this loss would be a rather drastic one for the digital asset.
Losing $0.29 Support will be a Cause for Concern
Meanwhile, crypto analyst, The Cryptomist shares that we have long term support from August 2018 at 0.029 regions. On the recent price move, she says the Sym failed and we temporary dropped to 0.30 that created a double bottom on RSI.
But we still have the support present at $0.029 region, however, should this ever fail, she says, there would be a cause for concern. This concern could very well see us touching Brandt’s target at $0.16.
“Reaching apex from year long pennant. Defining month ahead,” said The Cryptmist.
Sym triangle failed here, & we temporary dropped to 30cents
We have a double bottom on RSI
We have a long term support from August 2018, at 29 cents region
Should this ever fail, there would be cause for concern
Reaching apex from year long pennant
Defining month ahead pic.twitter.com/8x5cz8UMvB
— The Cryptomist (@TheCryptomist) July 12, 2019