XRP, like many other major altcoins, has caught the brunt of Bitcoin’s recent downturn, with the embattled crypto plummeting from its recent highs of $0.35 all the way down to its current price of under $0.25.
This intense selloff has led to a degradation of nearly all the technical strength that had come about as a result of its recent rally, and it now appears to be at risk of seeing a further near-term downside.
Multiple top analysts have shared their thoughts on XRP, noting that the crypto could soon revisit its year-to-date lows, as this may be where it has enough buying pressure to halt its ongoing downtrend.
XRP sees intense selloff as Bitcoin begins moving towards key support at $9,000
The past few days have been rough for the aggregated cryptocurrency market, with Bitcoin’s recent rejection at $10,000 sparking a selloff that appears to have reached a boiling point tonight as BTC moves towards $9,000.
This movement has led to chaos amongst altcoins, with virtually all major cryptos shedding over 5 percent of their value over the past 24-hours, while many post losses of 10 percent or more.
XRP is no exception to this, as it is currently trading down over 8 percent at its current price of $0.248, which marks a massive decline from daily highs of over $0.27.
Calmly, a cryptocurrency trader on Twitter, spoke about XRP in a recent tweet, explaining that it doesn’t have any notable support until roughly $0.21, meaning that it could see significantly further near-term losses.
“Ripple – I am current expecting us to go at least as low as $0.213 on XRP, but I think there are a few trades to take until then. Looking to see if we can build support at $0.235 for a scalp long.”
Immense bearishness could lead the token to its yearly lows
Although Calmly believes that XRP may be able to find enough buying pressure to halt its downtrend around $0.21, other analysts are eyeing a revisit to its yearly lows against its BTC trading pair.
TraderXO, another well-respected crypto trader and analyst, spoke about this in a tweet, telling his followers that he anticipated XRP to severely underperform Bitcoin in the near-term.
“XRP update: Close below yearly open – then it’s quite possible this might go for the lows before a spring back up – and possibly play out a wyckoff accumulation 1 – scenario. Hold the yearly – and I’ll start building.”
Unless Bitcoin posts a swift rally that leads it to recapture its previous position above $10,000, it is highly likely that altcoins like XRP will see significantly further near-term losses before finding any notable support.
XRP, currently ranked #3 by market cap, is down 9.59% over the past 24 hours. XRP has a market cap of $10.53B with a 24 hour volume of $3.03B.
Chart by CryptoCompare
Posted In: XRP, Altcoins, Analysis, Price Watch