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XRP expects another major crash, trader believes

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XRP expects another major crash, trader believes

XRP expects another major crash, trader believes
CONTENT

  • XRP is on the verge of another 30% collapse

  • For a bullish reversal, the price must fall to 2000 satoshi

  • Class action lawsuit against Ripple Labs only makes things worse

International consortium of news organizations developing transparency standards.

Perhaps the beginning of the crisis for some assets is just beginning despite the efforts of bitcoin not to drop the crypto market even more in price..

One of the most controversial virtual assets, XRP, may have a 30% collapse in price in the near term. At least this opinion is shared by a cryptocurrency and forex trader under the nickname @Livercoin.

XRP expects another major crash, trader believes

Expecting another 30% drop on $ XRP

2500 sats support holding strong but bulls are going to throw in the towel eventually… pic.twitter.com/9M9I2ZGpyh

– Livercoin (@livercoin) March 22, 2020

The trader believes that the support at the level of 2500 satoshi looks unshakable, but in the end the bulls will give up their positions..

It should be noted, however, that since the second quarter of 2018, the XRP price has mainly been in a bearish trend. If XRP does make another fall, then this time the price will hit three-year lows.

just now looking at the $ XRP chart

didnt realize it hit almost 3 yr lows

damn pic.twitter.com/aHZVRTn05m

– Josh Olszewicz (@CarpeNoctom) March 22, 2020

XRP expects another major crash, trader believes

By the way, back in July 2019, an anonymous trader predicted the continued bearish trend for XRP, although the time frame was somewhat different.

$ XRP #Crypto

– Expecting a relief rally in the coming week (s)
– Then another 60% dump.
– Mega pump once we reach the untested swing low. pic.twitter.com/d1mTA904l3

– Livercoin (@livercoin) July 21, 2019

Then he believed that before XRP overtook a massive parabolic rally, the asset would need to fall in price to a range of 2,000 satoshi before it could soar to the 2018 highs..

At the time of writing, XRP / USD is trading at $ 0.152 (0.00002574 BTC).

Negative noise

XRP has not been doing well over the past few months. Not only did the cryptocurrency market crash along with bitcoin amid the coronavirus pandemic and the oil war, but Ripple Labs is also drowning in litigation..

The company failed to convince the California District Court to dismiss the class action lawsuit of investors accusing Ripple Labs of defrauding and selling off unregistered assets.

Crucial moment

The truth can still change. At least with the XRP price.

XRP expects another major crash, trader believes

Since December last year, the RSI has been signaling bullish divergence on the weekly stretch, forming a double base..

This formation serves as a sign of a possible upward price bounce, supported by a significant support area and the formation of a bullish reversal pattern..

So far, everyone is watching exactly how Bitcoin will behave and how exactly the class action lawsuit against Ripple Labs will end, which allegedly can significantly harm the entire XRP ecosystem..

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

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