BARCELONA, Spain – You cannot deny that the pandemic has caused a lot of shifts in the economic market, including cryptocurrencies. XRP has been yet again affected by the lockdown caused by the nth wave of the pandemic, and this time, it is from China. As the lockdown intensifies, more and more investors are diversifying their portfolios, and of course, like before, cryptocurrency is one of the most affected ones. Investors are opting to exit the market in the short term for more security.
This potential exit greatly impacts Ripple as it flunks down again to $0.40. The weekend looked promising when the charts produced greens for the altcoin, but the momentum was cut short. There might even be a possibility of the altcoin trading below the $0.30 level if it fails to gain an upward swing.
Are the bulls not maintaining enough push for the altcoin? Not. The bulls are still trying to gain the upper hand over the bears, but it seems like the latter is winning in the short-term, especially with the market paired with the lockdowns.
Experts are also warning investors and traders about the potential bearish swing from the altcoin in the upcoming days. Ripple has been trying to stand its ground above the trend line since April, but you can see from the charts that it still struggles.
Is it the end for Ripple? No. It is too early to conclude anything. If the XRP can break the $0.47 mark, it could even rally up to $0.58, possibly a 40% gain.
The charts show more bearish trends once the $0.42 level breaks, with the XRP’s price slipping to as low as $0.33 to $0.30, with the China incident as the main driver.