Cryptocurrency markets are notorious for being volatile. Ripple is as volatile as it gets. After an unprecedented growth of 36,000% last year – Ripple became one of the most popular cryptocurrencies, crossing the $100 Billion market cap (and becoming the first altcoin to amass this amount). However, it has all been a down-hill ride for Ripple since then.
The currency has lost 68% of its value since reaching the all-time high mark of $3.84 earlier this month. The free fall of Ripple continues – and it is expected that the currency will soon hit rock bottom. This is being anticipated by many market analysts over the past few days.
The markets have been on a bearish trend over the weeks. Ripple faced a market correction right after it peaked. Following the drop due to the correction, entire cryptocurrency market entered a ‘bloodbath’ phase. This led to another drop in the Ripple prices. Due to these successive drops in the prices, Ripple’s market cap fell to $48 Billion – a drop of over 62% since it hit the $100 Billion mark.
The graph above comes from a tradingview analyst who shows the downward trend that Ripple is likely to follow. If this analysis is to be believed, Ripple is likely to find some support at the $0.90 level, but that is only a slight line of support which is expected to break as the market is in firm control of the bears. The price is likely to continue falling till it reaches $0.66 which is where the bulls are likely to rush in.
It will be interesting to see the path that Ripple takes over the next couple of days. However, it is likely that the price will continue tumbling down as the currency is caught between multiple resistances. Those investing in Ripple are best advised to set multiple stop-losses to prevent losses.
Disclaimer: Neither the management nor the authors at Coinlus are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advise.