{"id":59234,"date":"2020-01-03T02:57:23","date_gmt":"2020-01-03T00:57:23","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=59234"},"modified":"2020-01-03T02:57:23","modified_gmt":"2020-01-03T00:57:23","slug":"xrp-poised-plunge-further-price-bearish","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/xrp-poised-plunge-further-price-bearish\/","title":{"rendered":"XRP Poised to Plunge Further? Price Prints Bearish Pattern"},"content":{"rendered":"<p>XRP had far from a positive 2019, with the price of the leading cryptocurrency dropping by 50% over the course of 12 months while Bitcoin gained 90% or so.<\/p>\n<p>And while investors in the digital asset presumably want 2020 to be much better, the year&#8217;s already starting off red.<\/p>\n<p>On Thursday, January 2nd, the price of cryptocurrencies across the board sunk by 3%, with Bitcoin, Ethereum, <a href=\"https:\/\/en.ethereumworldnews.com\/?s=XRP\">XRP<\/a>, and so on and so forth all posting losses after stagnating in a tight price range for weeks on end.<\/p>\n<p>Livercoin, a prominent cryptocurrency trader, recently <a href=\"https:\/\/twitter.com\/livercoin\/status\/1212704503121752064\" rel=\"nofollow noopener\">noted<\/a> that this latest bout of price action has resulted in a bearish pennant, formed over the past few weeks, breaking down, implying that further bearish price action could come in the following weeks.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"es\" dir=\"ltr\">To be continued&#8230;<a href=\"https:\/\/twitter.com\/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$XRP<\/a> <a href=\"https:\/\/t.co\/MVrzSfYQDA\" rel=\"nofollow\">pic.twitter.com\/MVrzSfYQDA<\/a><\/p>\n<p>&mdash; Livercoin (@Livercoin) <a href=\"https:\/\/twitter.com\/Livercoin\/status\/1212704503121752064?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">January 2, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to Capo of Crypto, a popular cryptocurrency analyst, this pennant breakdown implies that the cryptocurrency could fall to the region around the $0.13 price point,<a href=\"https:\/\/en.ethereumworldnews.com\/xrp-price-30-percent-above-support-price-tank\/\"> around 30% lower<\/a> than the now-current (as of the time of writing this) market price of $0.187.<\/p>\n<p>This has been echoed by analyst Magi, who recently argued that the cryptocurrency is printing<a href=\"https:\/\/en.ethereumworldnews.com\/xrp-price-poised-tumble-20-percent-chart-bear\/\"> \u201cwhat appears to be a bear flag breakdown,\u201d<\/a> which has a measured target of $0.15 per XRP. Magic added that the $0.15 target could easily be hit if Bitcoin starts to slip once again.<\/p>\n<h2><strong>XRP Needs to Hold $0.14<\/strong><\/h2>\n<p>Although the bearish pennant breakdown implies a strong drop lower is possible, Michael Van De Poppe, a contributor to CoinTelegraph and a trader at the Amsterdam Stock Exchange, <a href=\"https:\/\/en.ethereumworldnews.com\/xrp-price-still-on-track-to-see-175-surge-higher-heres-why\/\">has asserted that as long as the $0.14 to $0.17 region holds<\/a>, a strong move higher could take place.<\/p>\n<p>The analyst posted the chart seen below, in which he notes that he believes\u00a0<a href=\"https:\/\/en.ethereumworldnews.com\/ripple-xrp-price-charts-latest-news\/\">XRP\u2019s current price<\/a>\u00a0action is very similar to the bottoming pattern seen in December of 2015 and January of 2016, which was followed by a massive spike to pre-crash levels. He added that massive downtrends on altcoin charts are on the verge of being \u201cbroken down,\u201d setting the stage for strong reversals to the upside.<\/p>\n<p>He said should the current trend play out as it did in the previous cycle, meaning XRP will need to hold the $0.14-$0.17 range, it could surge as high as $0.473 \u2014 175% higher than current prices \u2014 by the middle of 2020.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$XRP<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/RIPPLE?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#RIPPLE<\/a><\/p>\n<p>Still seeing many similarities to the period in December &#39;15.<\/p>\n<p>Massive downtrends ready to be broken down. <\/p>\n<p>This could give a target for <a href=\"https:\/\/twitter.com\/search?q=%24XRP&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">$XRP<\/a> of $0.48, a potential rise of 175% from here. <a href=\"https:\/\/t.co\/4jZKoIN47Y\" rel=\"nofollow\">pic.twitter.com\/4jZKoIN47Y<\/a><\/p>\n<p>&mdash; Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/1212006069238665217?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">December 31, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<pre>Photo by\u00a0<a href=\"https:\/\/unsplash.com\/@te3pot?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Trung Pham Quoc<\/a>\u00a0on\u00a0<a href=\"https:\/\/unsplash.com\/s\/photos\/drop?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText\" rel=\"nofollow noopener\">Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>XRP had far from a positive 2019, with the price of the leading cryptocurrency dropping by 50% over the course of 12 months while Bitcoin gained 90% or so. And while investors in the digital asset presumably want 2020 to be much better, the year&#8217;s already starting off red. On Thursday, January 2nd, the price of cryptocurrencies across the board sunk by 3%, with Bitcoin, Ethereum, XRP, and so on and so forth all posting losses after stagnating in a [&hellip;]<\/p>\n","protected":false},"author":32,"featured_media":59235,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4656],"tags":[188,162,111,6957],"_links":{"self":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/59234"}],"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=59234"}],"version-history":[{"count":0,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/59234\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media\/59235"}],"wp:attachment":[{"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=59234"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=59234"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/en.ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=59234"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}