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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

XRP Kicks Off Another Year Of Decline With Potential Bear Pennant Breakdown

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
3 mins read
xrp ripple crypto bear pennant breakdown

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XRP, the cryptocurrency often referred to as Ripple, is the third-largest crypto, yet it was one of the year’s worst performers in terms of the top ten cryptocurrencies by market cap. It not only closed the year at a loss but also set a new, fresh, bear market low during the course of the last year of price action.

This year, the losses look to continue right out of the gate, as XRP appears ready to break down from a two-week-long bear pennant, driving the price of the controversial crypto token even lower, potentially to levels not seen in years.

XRP Continues Bear Market Mayhem For Crypto Investors

According to one prominent crypto analyst, XRP has been trading within a bear pennant for the last two full weeks, and appears to have closed a 4H candle outside of the bottom support trendline, and is now confirming the trendline as support flipped resistance.

To be continued…$XRP pic.twitter.com/MVrzSfYQDA

— Livercoin (@Livercoin) January 2, 2020

If the crypto asset confirms resistance at current prices, the asset is likely to fall even lower, potentially to levels as low as 13 cents per XRP token.

Related Reading | Analyst: Ripple Distribution Almost Complete, XRP Mark Down Could Follow 

Despite the bear pennant pattern leaning heavily bearish, it can indeed break bullish, so XRP bulls aren’t fully in danger until former support is confirmed as resistance. Throughout 2019, XRP’s price was driven lower by repeated occurrences of bear pennant chart patterns, however, one such instance the pattern broke upward, kicking off a short-lived rally.

xrp ripple bear pennant

Ripple Ready For a Much Larger Drop Ahead?

If XRP cannot hold current levels, it is at risk of making a much larger drop to historic levels not traded at since before the crypto mania peaked in late 2017. Following the peak, the crypto bubble popped and assets like XRP have been falling ever since.

XRP/USD price charts on daily timeframes show very little support remaining at current levels, with a zone between 13 and 15 cents per XRP acting as the last line of defense before bears have a chance of pushing the third-largest cryptocurrency by market cap back to prices closer to a penny per XRP.

Below the last stand for bulls, the crypto asset could fall to two cents per XRP. Below that, investors would be looking at prices of a fraction of a penny.

Related Reading | Why Crypto Companies Must Go Bankrupt Before Next Bull Market Begins

While it’s difficult to imagine an asset that just two years ago traded at nearly $4 per token to drop to just a fraction of a penny, but it was less than one year prior that the asset was trading at 0.004 cents. Considering the explosive, nearly 100,000% increase, suffering losses of as much as 99% shouldn’t be too surprising, given the asset’s classes notorious volatility.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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