Analyst Warns XRP Price May Plunge To $0.14, Others Beg to Differ 13

Analyst Warns XRP Price May Plunge To $0.14, Others Beg to Differ

Since peaking at over $3.00 in 2018, XRP, the third-largest cryptocurrency by market capitalization, has not fared well, finding itself stuck in a steep downtrend against the U.S. dollar for years on end. Right now, the price of the digital asset is $0.24 — well over 90% lower than the aforementioned all-time high.

Unfortunately, some have expectations for the leading digital asset to continue a steep decline heading into 2020.

Trader Crypto Krillin noted that XRP’s weekly chart against Bitcoin is showing that the cryptocurrency could fall 45% against BTC, noting that this is a historical support and resistance level of utmost importance, suggesting it could retrace to that level. With a $10,000 BTC, that would mean XRP would have a value of $0.14 — also around 45% lower than the current price of $0.24.

This skepticism has been echoed by Brave New Coin’s crypto asset analyst, Josh Olszewicz, who said that at around 3,000 satoshis per XRP, the cryptocurrency is looking extremely bearish as it is below the 200-day exponential moving average, below the Ichimoku Cloud on the daily, and is trading below a massive volume zone as marked by volume profiles, indicating strong resistance right overhead. In other words, “there’s no bullish anything here, [so the price action] will be grindy, and thus could revisit lows here.”

Majority Are Leaning Long On XRP

Although Krillin is skeptical of XRP’s price prospects, a growing number of people say a surge is most likely than a price drop.

Per previous reports from Ethereum World News, Amsterdam Stock Exchange trader Michael Van De Poppe said that he expects for XRP/BTC to soon explode 170% higher. He noted that the pair is on the verge of breaking out of a downtrend that has constrained prices since the start of 2019, before adding that XRP has held a very important historical support level against Bitcoin, suggesting bullish strength.

Not to mention, Credible Crypto pointed out that XRP (against the dollar) has finally broken out of a massive falling wedge pattern that has constrained the price action of the cryptocurrency for multiple years. The asset yesterday made a close above the falling wedge, confirming the breakout.

While it isn’t clear exactly what effect a falling wedge of this size will have on XRP, upward breakouts of these chart formations often imply continuation to the upside.

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