XRP has earned among the most negative reputations in the cryptocurrency space. Between being the worst-performing asset in the space, and notorious for the cryptocurrency’s parent company selling down each rally, the asset often referred to as Ripple keeps reaching new bear market lows.
Now, after sweeping lows on the XRPBTC trading pair, a highly accurate buy signal has triggered on weekly timeframes, bringing XRP to its most critical do or die moment yet.
Ripple Effect: Battered Altcoin Continues to Set New Bear Market Lows
In December 2017 alone, just as Bitcoin captured the media and public’s attention thanks to its meteoric rise to $20,000, XRP skyrocketed by over 900%.
During the one month timeframe, the asset rose in USD value from 23 cents per token to as high as $2.45. In the first days after the year turning anew, the altcoin peaked at over $3.50, then thus began its downfall that persists even today – some two and a half years later.
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CNBC’s “How to Buy Ripple” article marked the top, and XRP later fell to a low of just ten cents per token – a nearly 97% collapse from record prices.
The altcoin remains down by 94% still to this day, making it one of the worst performers in the crypto space.
One of the more recent crashes in the crypto market caused the stablecoin Tether to unseat Ripple from its third-ranked position by market cap – something it had held onto for most of its existence.
XRPBTC Weekly | Source: TradingView
While Ripple is trading nearly double from its Black Thursday bear market low in USD value, on the XRPBTC trading pair, the asset continues to set new lows.
XRP Buy Signal Against Bitcoin Could Finally Point To Sustainable Recovery
The most recent drop in XRPBTC took Ripple back to a value not traded at since just ahead of the asset’s historic pump to its all-time high.
After Ripple fell to this support level in the past, an over 1000% spike followed – could the same thing happen once again?
Reaching such a pivotal level, where the asset’s most powerful rally first began after nearly three years of downside has brought Ripple to a do or die moment in its market cycle.
Given sentiment surrounding the asset reaching such lows, matching price action, it doesn’t seem likely that Ripple will soon turn around. However, that’s often the most probable scenario for a reversal.
XRPBTC Weekly | Source: TradingView
Adding more credence to a potential recovery rally coming soon, the TD Sequential indicator has issued both a 13 and 9 buy signal with each new weekly low set. A key support level according to the indicator has also been tapped.
Related Reading | XRP Comeback: Triple Buy Signal Triggers For Ripple
Similar buy signals have also triggered in the USD trading pair also.
XRPBTC is still attempting to push lower, so more downside cannot be ruled out. But if the signal is accurate yet again, this could be the last fall before Ripple begins to soar once again.