Ripple (XRP) Outperforms Crypto Markets as Price Stabilizes Above Historical Support

Ripple has been able to once again find strong buying pressure in the upper-$0.20 region, which has historically been a region of strong support for the cryptocurrency. After touching this region, XRP climbed slightly higher, and is currently outperforming the markets.
Analysts are now torn on whether or not this price region marks a long-term floor that will allow the crypto to surge higher, or if it is simply a weakening support level that will ultimately lead to a significant drop lower.
Ripple (XRP) Plunges Over Past Few Weeks, But Nears a Critical Support Region
At the time of writing, Ripple is trading up nearly 2% at its current price of $0.32 and is currently outperforming the aggregated crypto markets.
Although XRP has been able to climb slightly today, its price action over a several week period has been incredibly bearish, as it has plummeted from its late-June highs of nearly $0.50 to its recent lows of just below $0.30.
This price action has closely mirrored that of Bitcoin’s, as BTC quickly surged to highs of $13,800 in late-June before subsequently plummeting to its recent lows of roughly $9,900.
Peter Brandt, a popular cryptocurrency analyst on Twitter, spoke about XRP’s price action a few days ago, explaining to his nearly 300k followers that Ripple could plummet as low as $0.16 if Bitcoin continues to face downwards pressure.
“If $BTC has intermediate correction then $XRP will go to $.1600,” he explained.

Prominent Analyst: Bitcoin Likely on Cusp of Making a Major Price Movement
Friday December 06, 2019

Following the immense volatility that Bitcoin (BTC) experienced earlier this week, the cryptocurrency has once again found itself caught within a period of consolidation as it trades sideways within the upper-$7,300 region. This sideways...

The post Prominent Analyst: Bitcoin Likely on Cusp of Making a Major Price Movement appeared first on 12bitplay - Bitcoin Play.

If $BTC has intermediate correction then $XRP will go to $.1600 pic.twitter.com/tqQ0nuHZr4
— Peter Brandt (@PeterLBrandt) July 11, 2019

Matic Crypto Pump and Dump Reminder of How Dreams Can Turn To Nightmares
Tuesday December 10, 2019

Last night, the altcoin cryptocurrency known as Matic was the talk of the crypto community, as the asset had spent the week going on a circa-2017 Bitcoin-like parabolic run, only to drop over 70%...

The post Matic Crypto Pump and Dump Reminder of How Dreams Can Turn To Nightmares appeared first on 12bitplay - Bitcoin Play.

Is XRP Forming an Accumulation Base Around Current Prices?
Although it does seem as though Ripple is currently sitting on the edge of a precipice that could result in a serious drop, other analysts are noting that the price region that lies just below where it is currently trading at could mark a long-term accumulation base.
Credible Crypto, another popular analyst on Twitter, recently spoke about this possibility to his nearly 50k followers while replying to another analyst’s bearish assessment of the cryptocurrency.
“I don’t know about this one Don. $BTC was resting on a level that had 20 days of consolidation as support. $XRP is resting on a level that has nearly 7 months of consolidation as support. Looks more like we are building an accumulation base here,” he replied.

OKEx Prepares to Launch USDT-Margined Perpetual Swap Trading, Announces TMMR Risk Management Feature for Spot Margin Trading
Monday December 09, 2019

OKEx, the leading global cryptocurrency futures exchange platform has announced that it is going to soon launch its USDT Margined Perpetual Swap Trading feature. According to the announcement, the latest USDT denominated linear contract...

The post OKEx Prepares to Launch USDT-Margined Perpetual Swap Trading, Announces TMMR Risk Management Feature for Spot Margin Trading appeared first on 12bitplay - Bitcoin Play.

I don't know about this one Don. $BTC was resting on a level that had 20 days of consolidation as support. $XRP is resting on a level that has nearly 7 months of consolidation as support. Looks more like we are building an accumulation base here. pic.twitter.com/Im0tRfx9hI
— Credible Crypto (@CredibleCrypto) July 14, 2019

Although it remains unclear as to whether or not XRP will closely follow Bitcoin’s price action in the near-future, it is highly probable that it will take a significant influx of selling pressure for the crypto to drop below its long-established support level around $0.30.
Featured image from Shutterstock.
The post Ripple (XRP) Outperforms Crypto Markets as Price Stabilizes Above Historical Support appeared first on NewsBTC.

You may also like...