Ouch. As Bitcoin (BTC) has collapsed, so have altcoins, XRP included. As of the time of writing this article, the third-largest cryptocurrency is trading down 8.16% in the past 24 hours, marginally underperforming the -7% BTC.
Trading at $0.212, XRP is purportedly at its lowest price in nearly two years, with the cryptocurrency last trading at these levels in December of 2017, prior to the historic run up past $3 catalyzed by intense retail FOMO early in 2018.
$XRP traded at under $0.21 today for the first time in nearly two years (December 2017).
— ceteris (@ceterispar1bus) November 25, 2019
So, where’s XRP going next? According to a number of analysts, a bull case is forming, albeit not fully just yet. Popular trader Crypto Welson first drew attention to the irrationality in the emotions of the markets, then added that with XRP trading at key long-term support and the Relative Strength Index of the one-day chart entering the oversold territory, he’s expecting a “massive run-up in the coming months.”
https://twitter.com/CryptoWelson/status/1198657700734717952
This assertion has been corroborated by an analyst going by CryptoBull. He recently drew attention to a price fractal from March 2017, which implies that the recent drop is only a precursor to a price explosion higher that is likely to bring XRP from the current price of $0.22 to $0.30, then higher once again. Fractals, of course, don’t have a 100% likelihood of playing out, though he’s implying the potential is there at the very least for a price recovery.
#XRP comparison. Yellow line is March 2017 versus now. Whales will initiate the rockets soon. As soon as weak people start selling and whales can’t buy your XRP anymore we will moon. STOP SELLING. pic.twitter.com/ogrtVJ661g
— CryptoBull2020 (@CryptoBull2020) November 24, 2019
It is important to note that unlike Ethereum, Litecoin, and other major altcoins, XRP’s price action isn’t entirely dependent on that of BTC. In late-2018, for instance, the popular altcoin began to rally by hundreds of percent as Bitcoin’s bullish price action that brought it to $20,000 began to taper off in a dramatic fashion, with the cryptocurrency plunging under $15,000 just a few days after it topped that key milestone level.
Not So Fast: XRP Looking Bearish
Despite these bulls, some say the ball remains in the court of bears… decisively so. Per previous reports from Ethereum World News, an analyst noted that XRP has lost the support of an uptrend channel it has been situated in for a majority of its history as a tradable asset. That’s not all, the 50-week and 200-week moving averages have purportedly been lost as well, all while the price has formed lower highs and lower lows, signaling a bear market trend.
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