BARCELONA, Spain – Ripple is not in a good place now as far as playing in the cryptocurrency market is concerned. For the past couple of days, technical analysts have been giving out signals to holders and buyers about the possible trips to the low coming from Ripple. As days pass, XRP has struggled to hold on to its support levels.
Bears have started launching forward as Ripple’s price goes lower and lower. It has already come down to $0.68 and is looking to go lower, possibly hitting the $0.62 and $0.58 marks. With these predictions in place, investors are getting ready if they need to pull out funds because of the coin’s performance. When this scenario happens, it will go downhill for Ripple.
When things start going south, there is no other direction but up. If the Relative Strength Index goes to the oversold region, it could open doors for the bulls to run reins-free, pulling up the price.
Elon Musk once again made headlines with his plans to buy Twitter, and this news impacts the cryptocurrency market. Bitcoin and DOGE are two of the cryptocurrencies that are doing well in terms of performance, and from the looks of it, Ripple might go down by 10% to 15%.
You might ask, “Is XRP going to see a silver lining in all of these things?” The answer is yes. If it breaks the $0.73 barrier, it could pump up the momentum again, possibly making an upward trend. Not only that but breaking the $0.73 barrier would also mean that the RSI would fade away from the oversold region. So, what could cause this bullish trend? If Alphabet and Microsoft were able to avoid a Netflix-like scenario, it would put the investors in a good mood, making them jump to price action.