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XRP might see more bearish actions come into play.
XRP price has been mostly influenced by the airdrop of Spark tokens based on a ‘buy the rumor, sell the news’
Ripple’s XRP might be the “Worst Performing Major Altcoin” says analyst.
As Bitcoin price uptrend pauses to consolidate at $19k. XRP price has been inversely correlated with BTC price. When the flagship asset began its recovery from recent lows, the XRP price fell sharply.
XRP was one of the best-performing major Altcoins during the November rally. In a sell the news drop before the flare airdrop, XRP lost the $0.6 support, suffering a deeper correction.
Will XRP Price Reach $0.3 in Coming Days?
Active Cryptocurrency Enthusiast with twitter handle @cryptoo_moon shared an XRP Price analysis chart to his 27.2K Followers. As per the chart the analyst hints the altcoin price downside target might hit 0.30$.
Is Ripple’s XRP the “Worst Performing Major Altcoin”?
XRP is down 13% since the airdrop earlier this weekend was completed. Popular analyst and crypto trader with twitter handle @VentureCoinist points out that there needs to be more airdrops– or some catalyst – to shift the tides back into bulls’ favor.
The Analyst is expecting XRP to potentially go back to being the “worst-performing major altcoin” as its uptrend begins showing signs of faltering.
At press time, XRP price is trading at $0.490383 USD with a 24-hour trading volume of $8,362,005,853 USD. XRP is down 3.33% in the last 24 hours. The current CoinMarketCap ranking is #3, with a market cap of $22,265,362,538 USD.
The trend is still looking bearish in the short-term following a series of rejections at the descending resistance. Both the 4-hours RSI and MACD indicators confirm that sellers are in charge.
However, more bearish actions might occur if it fails to hold the momentum. But unfortunately, the trend is still in favor of the bears, looking at the RSI and MACD indicators.
Failure to move through the $0.5021 pivot would bring the first major support level at $0.4853 into play. Barring an extended crypto sell-off, Ripple’s XRP should avoid the second major support level at $0.4728.