XRP Price: Did Ripple Fail? Will the Drop Go Deep?
Ripple price is witnessing a major retracement.
XRP has surprisingly been one of the best performing altcoins in the past few days and weeks, and the previously considered dead cryptocurrency has skyrocketed as capital inflows skyrocketed. In addition, XRP’s price action is thought to be dependent on Ethereum (ETH) and Bitcoin (BTC). However, some analysts think that XRP may face serious selling pressures, as today’s declines seem to confirm this.
Ripple (XRP), the third largest cryptocurrency in terms of market volume, began to retreat with the decline in the entire market. It is seen that XRP, which rose to $ 0.78 before the decline, declined to $ 0.52 with the decline. At this point, however, it should be reminded that the previous low of the cryptocurrency was $ 0.23 and that it has reached a good level even at the current price.
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Although some analysts stated that lower levels may be seen with the effect of the decrease, it is thought that bulls are still in control in both XRP and other crypto currencies. If this is a correction move and the uptrend continues afterwards, it is stated that there may be a move towards $ 1.
Bigger Chance of Ripple
Chase_NL, one of the market’s popular analysts, said in a statement on Twitter that XRP may have lost its momentum after being rejected from the $ 0.78 band. Stating that Ripple has failed and could fall further, the analyst stated that those who still invest in XRP should be careful.
In addition, the next few days are expected to provide some serious information on where the XRP and altcoin market will head from now on. Ethereum and Bitcoin movements are stated to be very important at this point.
Currently, there is a decline not only in Ripple but in the market in general, and it is stated that these retractions may be a market correction. After large increases, there may be visible retractions, as is the case now, and this situation is considered healthy for the market.
Of course, it is worth noting at this point that the retreats should stop at some level and then the increases should start again. If the decreases continue, the correction could turn into a bear market.