XRP Crashes To A New Two-Year Low But Trader Says Another 44% Drop Still A “Buy”
- XRP price drops to $0.192 level
- However, buy target still between $.10 to $.15
- After 36,000% gains, it takes “a little longer than the rest to get ready for the next round”
XRP price has dropped below $0.20, going to $0.192, a level was last seen in early November 2017, just before the digital asset climbed to its all-time high.
The third-largest cryptocurrency is currently trading at $0.194, down 8.78% in the past 24 hours as per Coincodex.
This drop came on the back of BTC falling 5.50% that pushed altcoins for even a bigger drop. Other coins like Ethereum, Litecoin, BNB, Stellar Lumens, Link, and IOTA are doing worse than XRP, down 10-13%.
“Did you seriously think you could escape fate?,” is the analyst DonAlt’s response to the drop in XRP price. However, If this week closes above the green, DonAlt will “probably punt a long here.”
In the BTC market, XRP is down over 67% in the past year. However, according to trader Credible Crypto, another 44% drop from here would still be a good buy opportunity. In USD terms, it would put the digital asset at $0.15 ish. Overall, it depends on how low BTC goes.
— Credible Crypto (@CredibleCrypto) December 17, 2019
Analyst Jacob Canfield also has the same buy target between $.10 to $.15. However, “even then I would be cautious,” he warned.
However, unlike Canfield, Credible Crypto is not concerned because it isn’t surprising that the best performing coin of 2017 bull run is lagging now as it’s “not easy to digest a 1000x move to the upside, takes time.”
With more than 36,000% gains, XRP was the best-performing asset of 2017 which gives it a pass to “take a little longer than the rest to get ready for the next round,” he said.
Moreover, the trader points out that one would still be up 3x in USD terms “had you invested in XRP over BTC prior to the last bull run, even at its current state.”
He further clarifies that it is a long term accumulation and not a trade.