XRP Price Could Fall by 20% to $0.20 as Breakout Fails 13

XRP Price Could Fall by 20% to $0.20 as Breakout Fails

The price of XRP has once again tumbled with that of Bitcoin. As of the time of writing this, the third-largest cryptocurrency by market capitalization is changing hands for $0.255 apiece, trading 1% up in the past 24 hours as BTC has shed 0.62%.

While this is relatively bullish, yes, analysts have still asserted that XRP is in a harrowing position, and is showing signs of vulnerability.

Popular trader NebraskanGooner recently noted that while the cryptocurrency looked bullish earlier, it failed to break above a lower range, implying that a 20% drop under $0.20 “is still possible.”

This bearish sentiment echoes that of NekoZ, who stated that considering the very poor volumes seen in the XRP market as lower lows have been printed, he expects there to be a “heavy structure fail” for the cryptocurrency, implying a drop of at least 15% in the coming weeks. (NekoZ was pointing to the XRP/BTC chart, but the point of impending bearish price action still stands.)

Positive Fundamental Trend

XRP’s price may be ready to head lower, though it isn’t all pain for bulls of the popular altcoin. Speaking with cryptocurrency Youtube channel Nuggets News, Bob Ras, the chief executive of crypto exchange upstart Coinfield, was quoted as saying that he thinks that XRP’s technology is overall better than Ethereum.

Of course, the two chains serve very different purposes — Ethereum is all about unstoppable smart contracts and the XRPLedger is meant to be used for global fintech payments between institutions — though XRP is purportedly more viable in Ras’ eyes.

Also, SBI Ripple Asia has just confirmed that it will be working with SBI Remit and TPBank of Vietnam to offer remittance services through RippleNet.

As reported by Ethereum World News previously, the three partners have “started the first Japan-Vietnam money transfer service in real currency utilizing decentralized ledger technology, with a Vietnamese bank, Tien Phong Commerical Joint Stock Bank.”

This partnership will allow “real-time and low-cost transfer of funds between SBI Remit and Tien Phong Bank,” which will be enabled by RippleNet and related solutions built on that network.

This positive news for Ripple came shortly after the Swell conference in Singapore, during which the fintech company revealed that it has more than 300 customers, which consists of a “global network of banks, financial institutions and payment providers that sends money globally, instantly and reliably for fractions of a penny.”

Photo by cheng feng on Unsplash