While the king of cryptocurrency Bitcoin soared high followed by a low Ripple XRP price had plans of its own. In the past week, Ripple XRP price took a strong bearish rally to $0.3449, marking the six-month high on the price charts.
The rally commenced on the 11th of February; however, it didn’t reach any considerable points until the next day. Following through, the first high point of $0.33 came on the 13th of February only to fall down to and then another short burst to $0.340 mark on the same day.
Ripple XRP price chart by Trading View
XRP price maintained above $0.330 the next day and the day after until a flash crash on the 15th of February when the price briefly fell below the $0.300 mark, while at the same time, Bitcoin stood strong.
Today, as the market bled out, XRP price took a hefty toll when it fell down to the $0.27 range hitting the low point where it commenced the rally. To the investors’ and traders’ relief, XRP price has since been moving up and stood at $0.28729 at the time of writing.
Ripple XRP price at crossroads?
One of the top cryptocurrency analysts on Trading View Crypto Maniac is of the view that the cryptocurrency is standing at a natural crossroad with an inclination towards the bullish movement.
Ripple XRP price chart by Trading View
As of right now my thoughts are that we see possible push over this resistance sometime this month, maybe towards March if it takes a bit longer.
Cryptomaniac furthers that there are no overly bearish divs or TA at this point for Bitcoin or XRP, but traders and investors must keep in mind that it all can still change if Bitcoin decides to correct towards its support of around $7,000. Such a low for Bitcoin may cause a chain reaction in the market, which will most likely result in XRP seeing new lows for 2020.
Featured Image by KDM
