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Despite the constant outlandish predictions from the XRP Army – $10 USD by 2021, $100 etc. – the digital asset token has continued to perform poorly through 2019, recording a yearly low of $0.204 USD on November 26th.

With Bitcoin (BTC) and majority of the top cryptos struggling to reach the heights achieved in July this year, as BTC crossed the $13,000 USD mark and XRP soared to $0.50 USD, a dark cloud is forming in the industry. XRP remains the coin that has suffered the most amongst the top three heavyweights – BTC, ETH and XRP – recording its lowest price in 2019 on Nov. 25th and is yet to recover back to resistance levels at $0.24 USD.

XRP/USD MACD Turns Bearish as Selling Pressure Intensifies

The year has been full of sell-offs or pre-meditated selloffs by Ripple as the largest XRP custodian released batches of tokens on the open market. XRP/USD currently trades at $0.2204 USD, threatening to extend its bearish run towards the close of the year as Ripple looks set to release yet another batch of tokens on the market.

The MACD is further confirming the bearish statements as it forms a death cross on the weekly and daily charts. If bulls fail to push the price above the bearish channel in the coming days, XRP/USD will be in deep trouble as sellers seem to be gaining momentum on the market.

A Weak Market for Bulls

The lower price in XRP has condensed with the low volumes experienced in daily trading across signaling an extended bearish period as bulls face exhaustion in the market. Despite a bounce off lower support levels at $0.20, bulls have struggled to effectively take over the market with price moving sideways for much of the trading sessions.

xrpusd

For XRP bulls, the next few weeks will be a make or break for the token that was once heading towards the $5 dollar mark and a close above $0.24 USD will be the target if $0.02 levels are to be avoided.4

Images from TradingView

Summary

XRP/USD Analysis: A weak market for bulls as price targets $0.20 USD

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XRP/USD Analysis: A weak market for bulls as price targets $0.20 USD

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Despite the constant outlandish predictions from the XRP Army – $10 USD by 2021, $100 etc. – the digital asset token has continued to perform poorly through 2019, recording a yearly low of $0.204 USD on November 26th.

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Lujan Odera

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Coingape

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Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.

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The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.



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Lujan Odera , 2019-12-03 14:46:35 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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