News

The cryptocurrency remains trapped within the range it has been caught within throughout the past few months and years, with buyers unable to surmount the lower-$0.30 region despite the strength across the aggregated market.

There are a few reasons for this weakness, including the lack of utility garnered by the token, the relentless selloff from its 2017 highs, and the waning enthusiasm surrounding it.

The previously robust “XRP Army” that were loyally backing the token have all moved on as it sees severe underperformance of Bitcoin and other altcoins.

Where it trends next will likely depend mostly on the aggregated XRP is trading up just over 5% at its current price of $0.25. This is around the price at which it has been trading throughout the past few years, with buyers unable to break out of the $0.20 region.

Today’s upswing is slightly positive for the embattled token’s holders. Still, until it can break above the $0.30 region, there’s only a slight chance that it will see any parabolic momentum.

The dwindling community sentiment, lack of serious utility, and stagnant price action have all struck lethal blows to its technical strength.

Unless Ripple reengages its efforts to drive utility to the token, there’s a strong possibility that it will continue losing value against Bitcoin and other altcoins.

Analyst: The Token is Reaching a Pivoting Point against BTC

One analyst explained that although XRP is diving lower against its Bitcoin trading pair, there’s a strong chance that it will soon reverse this trend due to it reaching a pivotal point.

“Strong Ichi momentum… However, XRP just tapped a WP Level, right on a 1W Pivot, something certainly should not be ignored, next pivot in December, paying attention to this one on the small TFs.”

Image Courtesy of Mitoshi. Source: XRPBTC on TradingView.

The coming few days should provide investors with insights into where altcoins like XRP will trend while Bitcoin enters a bull market.

Featured image from Unsplash.
Charts from TradingView.

Products You May Like

Articles You May Like

New Peer to Peer Exchange Provides Africans with an Alternative to Paxful
3 reasons Bitcoin tumbled below $30,000 in a surprise overnight correction
Indian Central Bank Sees Cryptocurrencies Gaining Popularity, Exploring Digital Rupee
Severe Liquidity Shock Ahead for Bitcoin Market, Warns JPMorgan
Buying the Dip: Multibillion-Dollar Microstrategy Invests $10 Million More in Bitcoin
Trading Bitcoin – Big $BTC Rise Over Night, but Still Need $37k Break

Leave a Reply

Your email address will not be published. Required fields are marked *