{"id":59104,"date":"2019-12-27T02:28:40","date_gmt":"2019-12-27T00:28:40","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=59104"},"modified":"2019-12-27T02:28:40","modified_gmt":"2019-12-27T00:28:40","slug":"xrp-price-poised-fall-20-percent","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/xrp-price-poised-fall-20-percent\/","title":{"rendered":"XRP Poised To Fall 20% As Bullish Momentum Slows: Analyst"},"content":{"rendered":"<p>After the pre-Christmas pump which brought Bitcoin (BTC) as high as $7,700, the cryptocurrency market has settled, with assets across the board, including Ethereum and XRP, flatlining. Case in point, CoinMarketCap reports that all the top ten cryptocurrencies (save for Tether&#8217;s USDT) are down around 0.5% in the past 24 hours, which is effectively flat for a market as volatile as digital assets.<\/p>\n<p>While some say that this is a precursor to a year-end bounce \u2014 one that will bring Bitcoin towards $8,000 yet again \u2014 a prominent analyst is fearing the worst, claiming that another drop may soon hit the crypto markets. More specifically, he <a href=\"https:\/\/twitter.com\/MagicPoopCannon\/status\/1210327188140113920\" rel=\"nofollow noopener\">wrote<\/a>:<\/p>\n<blockquote><p>I hate to be the bearer of bad news, but it really looks like we&#8217;re about to see BTC fall below 6000, and XRP fall to the 0.15 range.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I hate to be the bearer of bad news, but it really looks like we&#39;re about to see BTC fall below 6000, and XRP fall to the 0.15 range.<\/p>\n<p>&mdash; MAGIC (@MagicPoopCannon) <a href=\"https:\/\/twitter.com\/MagicPoopCannon\/status\/1210327188140113920?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">December 26, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>For some perspective, XRP is currently trading just a smidgen above $0.192, meaning that a move to the &#8220;$0.15 range&#8221; would wipe out 20% of the asset&#8217;s market capitalization.\u00a0 Ouch, right?<\/p>\n<p>So what&#8217;s his reasoning? Why does he think XRP will return to $0.15?<\/p>\n<p>Well, <a href=\"https:\/\/en.ethereumworldnews.com\/xrp-price-poised-tumble-20-percent-chart-bear\/\">per previous reports from Ethereum World News<\/a>, the same analyst noted that the cryptocurrency is printing \u201cwhat appears to be a bear flag breakdown,\u201d which has a measured target of $0.15 per XRP. The analyst added that the $0.15 target could easily be hit if Bitcoin starts to slip once again.<\/p>\n<p>This call for a move to $0.15 has been echoed by prominent analyst Jacob Canfield. He <a href=\"https:\/\/en.ethereumworldnews.com\/xrp-price-above-long-buying-zone-analysis\/\">noted<\/a> that for him to even consider longing the third-largest cryptocurrency by market capitalization, it will need to return to $0.10 to $0.15 \u2014 50% to 25% lower than current prices.<\/p>\n<p>This, other analysts say is extremely feasible from a technical perspective.<\/p>\n<p>Joe Saz, a cryptocurrency analyst, remarked that XRP is<a href=\"https:\/\/en.ethereumworldnews.com\/xrp-floating-in-outer-space-price-in-serious-downtrend-analyst\/\"> currently \u201cfloating in outer space,\u201d<\/a> meaning without any notable support nearby, and remains in a very serious downtrend (a descending channel, to be exact), implying that there will be bearish price action over the coming days and weeks.<\/p>\n<p>He thus remarked that he wouldn\u2019t be surprised to see the price of the cryptocurrency retrace to the $0.12 in the near future, which would mark a more than 35% drop from current levels should this scenario play out in full.<\/p>\n<pre>Featured Image from Unsplash<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>After the pre-Christmas pump which brought Bitcoin (BTC) as high as $7,700, the cryptocurrency market has settled, with assets across the board, including Ethereum and XRP, flatlining. Case in point, CoinMarketCap reports that all the top ten cryptocurrencies (save for Tether&#8217;s USDT) are down around 0.5% in the past 24 hours, which is effectively flat for a market as volatile as digital assets. While some say that this is a precursor to a year-end bounce \u2014 one that will bring [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":58408,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4656],"tags":[115,188,83,162,111,6957],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/59104"}],"collection":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=59104"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/59104\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/58408"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=59104"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=59104"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=59104"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}