XRP Poised To Fall 20% As Bullish Momentum Slows: Analyst

After the pre-Christmas pump which brought Bitcoin (BTC) as high as $7,700, the cryptocurrency market has settled, with assets across the board, including Ethereum and XRP, flatlining. Case in point, CoinMarketCap reports that all the top ten cryptocurrencies (save for Tether’s USDT) are down around 0.5% in the past 24 hours, which is effectively flat for a market as volatile as digital assets.

While some say that this is a precursor to a year-end bounce — one that will bring Bitcoin towards $8,000 yet again — a prominent analyst is fearing the worst, claiming that another drop may soon hit the crypto markets. More specifically, he wrote:

I hate to be the bearer of bad news, but it really looks like we’re about to see BTC fall below 6000, and XRP fall to the 0.15 range.

For some perspective, XRP is currently trading just a smidgen above $0.192, meaning that a move to the “$0.15 range” would wipe out 20% of the asset’s market capitalization.  Ouch, right?

So what’s his reasoning? Why does he think XRP will return to $0.15?

Well, per previous reports from Ethereum World News, the same analyst noted that the cryptocurrency is printing “what appears to be a bear flag breakdown,” which has a measured target of $0.15 per XRP. The analyst added that the $0.15 target could easily be hit if Bitcoin starts to slip once again.

This call for a move to $0.15 has been echoed by prominent analyst Jacob Canfield. He noted that for him to even consider longing the third-largest cryptocurrency by market capitalization, it will need to return to $0.10 to $0.15 — 50% to 25% lower than current prices.

This, other analysts say is extremely feasible from a technical perspective.

Joe Saz, a cryptocurrency analyst, remarked that XRP is currently “floating in outer space,” meaning without any notable support nearby, and remains in a very serious downtrend (a descending channel, to be exact), implying that there will be bearish price action over the coming days and weeks.

He thus remarked that he wouldn’t be surprised to see the price of the cryptocurrency retrace to the $0.12 in the near future, which would mark a more than 35% drop from current levels should this scenario play out in full.

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