Despite the fact that the cryptocurrency market is up and going in 2019, Ripple has not had a very bright start of the year. The thing is that Ripple has not managed to increase its value to a support level of $0.32 and has declined massively against the USD and BTC.
According to analysts, the momentum for Ripple is more on the bearish side right now. XRP is currently trading at around $0.29 per coin. This has been the lowest price in three months and analysts predict the trend will continue for now.
Today, almost all major altcoins and Bitcoin have seen their prices decline. The market capitalization of the cryptocurrency market declined by around $ billion, currently standing at around $176 billion. The reason for the “mild” crash is not clear.
Prior to Ripple’s crash, analysts predicted two bearish patterns with resistance levels of around $0.3260 and $0.3280. Moreover, if Ripple does not move up to at least $0.35000 sooner, the dip in Ripple’s price chart is predicted to continue.
On the more technical side, this is what an analyst from Atoz Markets said about Ripple’s price performance:
Price pattern on XRPUSD chart has been screaming bearish prior to the current crash. While Bitcoin is emerging into an impulse wave which could lead to recoveries into the 6000-7000 territory, Ripple completed a corrective zigzag pattern at 38 cents and has responded with bearish moves. …. we expected further crash below 30 cents and XRP reaching a new low at around 22 cents.
Why is Ripple crashing right now? was first posted on April 24, 2019 at 10:16 pm.