Ripple (XRP) is a controversial name in the cryptocurrency markets. Many investors have faith in the currency bouncing back, but market analysts haven’t been so optimistic about Ripple. The cryptocurrency has often been predicted to be heading on a downward trend – something that has been proven time and again. Yesterday we noticed Ripple was at a price of $1.5 – today, it has fallen to $1.41 and the trend continues.
The graph below depicts the path Ripple is expected to follow over the next few days. The currency is on a downward trend and it is expected to continue falling till it hits the $0.5 mark. However, by then the bears will be in the control of the markets and the fall may continue till $0.2 where Ripple will find support.
The currency is caught in a downtrend channel from where it is hard for it to break out. It can be safely assumed that it will be quite some time before Ripple gets back to the $2 mark again. The current stop-loss for those investing in Ripple should be the $1.12 mark beyond which recovery seems impractical.
Ripple did have an opportunity to break out and catch a positive trend a couple of days ago but that has since been lost and no recovery is in sight. Ripple is perhaps one of the worst affected victims of the market bloodbath that took a couple of days ago. Moreover, those who observed Ripple’s growth since clocking the all-time high can notice a clear pattern of a gradual, slow decline.
XRP price has fallen from $3.8 earlier this year to $1.4 today – which is a fall of over 50% for the currency which had boomed by over 36,000% last year. It will be interesting to see where Ripple goes from here. Traders are advised to be cautious!
[Ripple Price Analysis from 21st January]
Ripple’s growth has stalled ever since it hit the all-time high mark. Following that the currency has been on a downward trend with a short spike coming when the MoneyGram partnership was announced. Ripple’s current price is $1.5, and a bearish trend has now begun. This bearish trend indicates that the currency might fall to a low of 0.000017 BTC ($0.2).
It is at this $0.2 mark that currency will find some support. The fall will be down a gradual slope with a few ups in between. This bearish trend that Ripple is going through currently is quite similar to the one the currency went through back in May when the prices had risen from $0.004 to $0.4 in about a week. However, following that peak – the markets had gone bearish for another five months.
Tradingview analysts indicate a similar bearish trend will now becoming about – resulting in a long term slowdown. Going by the current market trends it would be best advised to either multiple stop-losses or to completely withdraw from trading in Ripple. A sharp fall might soon be on its way.
While the markets are going through a ‘bloodbath’ – where all the major cryptocurrencies are falling, Ripple too is facing a similar slowdown. The price of the currency has fallen by over 50% of its value since it hit the all-time high. Traders are advised to trade with caution as the markets are now
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.