Buyers May Not Be Interested in XRP Until it Visits $0.16 – Claims Analyst
XRP has been facing significant bearishness over the past several days and weeks, with the latest sell-off sending it to fresh post-2018 crash lows at $0.22, and its bulls have continued expressing significant weakness as it has failed to post any type of decisive bounce.
Analysts are now noting that XRP may need to continue dropping until it reaches $0.16, as this may be where there is enough interest from buyers to spark the next major price rally.
XRP Likely Needs to See Significantly Further Downside Before Sustainable Rally Commences
At the time of writing, XRP is trading down roughly 3% at its current price of $0.227, which marks a notable drop from its daily highs of just under $0.24.
XRP’s recent bearishness first came about earlier this month when it failed to break above the $0.30 region, which proved to be a significant level of resistance for the cryptocurrency. The downwards momentum that was sparked by its inability to break above this level was further perpetuated by Bitcoin’s downtrend.
In the near-term, it is clear that bears have full control of XRP’s price action, and without some sort of major bullish movement for BTC it is highly probable that the crypto will continue facing further downwards pressure.
DonAlt, a prominent cryptocurrency analyst on Twitter, recently explained that $0.19 is a strong support level for the embattled crypto.
“$XRP update: $0.30 was quite important, let’s hope $0.19 will be as well. The price action on XRPUSD is uncannily technical,” he noted.
In spite of the support that exists at this level, it is important to note that the cryptocurrency may not see any significant buying pressure until it reaches $0.16 – as this may be the level at which buyers are most interested in entering new spot positions.
Harry, a popular crypto analyst who focuses primarily on XRP, spoke about this in a recent tweet, saying:
“I think people who are interested in margin trading $XRP wanted to get in at prices in the region of $0.33c but didnt get chance, those who want to buy XRP tokens for long term are looking at the 16-20c range. And Bitcoin has a short $4.8k target.”
How Bitcoin trends in the near-term will likely have significant influence on XRP’s price action, but any further downside will likely lead XRP to plummet lower, setting fresh yearly lows.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.