Over the past five hours, cryptocurrencies across the board, from Bitcoin to XRP, have not performed well.
Since the daily peak at $6,700, the price of BTC has fallen as low as $6,050, a drop of 10% in a matter of a few hours. This loss has been reflected throughout the rest of the asset class; Ethereum, for instance, has collapsed by 9% from its daily high, while XRP has drawn down by 8%.
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While this move caught many traders with their pants down, so to say, one anticipated this bearish reversal, at least in XRP. Here’s what he thinks comes for the popular altcoin next.
Analyst Who Called XRP’s Retracement to $0.16 Is Bullish
On March 26th, the price of XRP suddenly shot up out of nowhere, rallying by more than 10% within a few hours’ time out of nowhere, leaving Three Arrows Capital’s CEO, Su Zhu, to remark: “XRP looks like it wants to retrace months of underperformance in a few days now.”
In the wake of this surge, trader Credible Crypto said that before a further rally, he expects the asset to retrace to ~$0.168, as it has today, before continuing to trend higher in a wave-like fashion to $0.20 and beyond.
My thoughts on $XRP. We can move up to .20-.21 and still be in a corrective channel. A break out from this channel on increasing volume could indicate that this is something more than just a typical corrective structure. Exciting times ahead. pic.twitter.com/FeXspl6Njj
— Credible Crypto (@CredibleCrypto) March 27, 2020
With XRP having retraced to the level he expected by the time he expected, the cryptocurrency tracing out his forecast in full will see it rally to $0.21 — 25% higher than the current price — before the month ends.
Not All Bullish
Although Credible Crypto currently sees a bullish chart, some fear that XRP’s prospects aren’t as bullish as he is painting them out to be.
Per previous reports from NewsBTC, veteran commodities trader Peter Brandt recently shared the below chart and message online:
I said I would never again post a chart of XRP. But, I thought you all might be interested in what it means to have ‘White Space below’.
While he didn’t convey a price prediction for the cryptocurrency, the comments in response to this chart filled in the gaps; what he depicted was that there is seemingly no price support for XRP until it crashes to prices far below $0.15, where it trades at now, as the cryptocurrency has fallen below a number of key moving averages and important technical levels.
On the side of fundamentals, MoneyGram, one of Ripple’s flagship partners, revealed that it liquidates all XRP it receives as part of the partnership, which is a deal that sees the remittance provider leverage ODL to increase the speed of settlement of transactions.
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