Despite the recent jump that the cryptocurrency market saw, XRP’s performance against the U.S. dollar purportedly remains in a harrowing position, according to a number of top analysts.
Jonny Moe, a popular trader, noted that XRP remains in a decisively bearish position, having lost the lower level of a bearish descending triangle that pushed the price of the cryptocurrency lower since 2018. The projected move of the triangle, which is calculated by finding the percentage lost between the top of the triangle and the lower bound, is a 68% drop from $0.24. Should the pattern play out in full, the cryptocurrency will tumble all the way to $0.08 in the coming months.
$XRP update pic.twitter.com/NwI2nhjhN9
— Jonny Moe (@JonnyMoeTrades) December 5, 2019
It isn’t only Jonny who is seeing such worrying signals on the charts. TraderSZ noted that with XRP falling under $0.23 again, the cryptocurrency remains under the mid-range level of $0.266, he would be inclined to suggest that a move to $0.135 — some 40-45% lower than current prices — will pan out over the coming weeks and months.
There’s also an analyst going by Magic who claims that he expects the price of Bitcoin to unwind to $1,000, which would be marked by a decline to $0.03 in the price of XRP. That would represent a more than 80% drop from current levels.
XRP/BTC Pair Shows Strong Signs
While the outlook for XRP against the U.S. dollar may be harrowing, analysts say that bullish pressure is building for the cryptocurrency’s pair against Bitcoin.
Per previous reports from Ethereum World News, Michaël van de Poppe, a contributor to CoinTelegraph, recently observed in a recent analysis that the XRP/BTC pair is printing some rather strong signs: the below two-day chart has seen the pair remain above “vital support,” which has provided support and resistance for over four years and is “a level to watch closely.” The analyst added that the price has “broken out of a massive falling wedge construction and marked bullish divergences alongside it, which is often seen as a sign of a trend reversal.”
This came shortly after CryptoKaleo remarked that the pair is on the verge of seeing a breakout past a strong descending trendline that has been depressing XRP for some two years.
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