The third-largest cryptocurrency Ripple XRP price is in a unique downtrend that is beyond the king Bitcoin or the queen Ethereum’s price movement. The cryptocurrency is marking an over one and a half (1.67) percent losses in the past 24-hours, where the market seems to be stabilizing slightly at the time of writing.
Ripple XRP price is marking over four (4.14) percent losses on the 30-day charts while the price movement is just as shaky as it was at the start of the month.
Although Bitcoin flash rises and crashes did provide some cushion to the cryptocurrency, but Ripple XRP price movement was unable to sustain the price levels.
Ripple XRP price movement: Bears to stay?
Analyst Magic Poop Corn explains that the cryptocurrency is stuck in a falling wedge that is the first sign of the bearish reds to stay quite a while. Corn furthers that the wedge is not the only trouble apparent on the charts.
What is making matters even worse for the XRP price movement is a below the 61.8% Fibonacci retrace of the December-February bull run. Corn is of the view that the signs are prediction a new low for Ripple XRP price at the $0.16 mark very soon.
While famed analysts David Smith and Alex Clay are both predicting bearish signs on the short term movement, analyst Jim Rohn holds contrary beliefs.
Rohn explains that the cryptocurrency is now priming for a new bearish run since, despite the apparent bullish pullback, the long term XRP price movement displays a rising wedge on the chart.
In the current down market that has just begun to recover cautious tradings, moves are a must to ensure better price movement.
Featured Image by Ripple
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.