XRP Fails To Reclaim Critical Long Term Support, Danger May Lie Ahead

Tony "The Bull" Severino

5 years ago

2 mins read

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.

XRP, the cryptocurrency known as Ripple, has been among the worst performers among the crypto space the last two years running, despite holding its number three position by market cap with relative ease.

While the altcoin has been showing signs that it may be ready to explode higher once again, recouping much-lost ground, on monthly timeframes XRP is in extreme danger of a deep plummet to prices below.

Bear Market Ripple Effect Continues

XRP has been a somber story for crypto market investors.

The altcoin was among the most popular cryptocurrencies at the heigh of the hype bubble of 2017, due to its low prices comparative to Bitcoin, Ethereum, and others.

While Bitcoin was trading at $20,000 and Ethereum over a grand, XRP was under a buck.

That’s until the bubble reached peak exuberance, and XRP skyrocketed from under a dollar to as high as $3.50 at its peak.

The cryptocurrency fell into a two-year downtrend, that it has only recently broken out of.

During this time, XRP was among the worst-performing cryptocurrencies two years running, and among the few altcoins that set new bear market lows long after Bitcoin set its own in December 2018.

Even the annual Ripple Swell conference failed to bring bullish momentum to the altcoin, despite years of historical performance during and leading up to the event.

Much of the downtrend was the result of Ripple themselves, selling down each rally to fund operations – a practice that the company says it has since halted.

Following the slow of sales from Ripple themselves, XRP has been showing signs that it is ready to surge higher.

Danger: XRP Ready for Liftoff or Complete Collapse?

A breakout of downtrend resistance on both USD and BTC pairs has given investors in Ripple a new hope that XRP could return to all-time highs, or perhaps set a new one.

But before XRP could prepare for liftoff, the cryptocurrency was rejected this past month, falling from a high of 34 cents back to support at 22 cents.

However, the fall backward on monthly timeframes shows that if the current level of support breaks down, XRP is in grave danger.

$XRP/USD – M

(chuckles)

I’m in danger 😃 pic.twitter.com/LJ3ouTlSXr

— Shrek 🧅 (@ShrekBTC) March 1, 2020

The monthly price chart paints a very clear picture: losing this level could cause a dangerous drop in XRP, which would eliminate more than three years of price action, and completely erase the crypto bull market of 2017 from Ripple’s gains.

Support below current levels lies all the way back at below one penny per token – a far cry away from the $3.50 peak.

Holding here is critical for XRP and the rest of the crypto market.

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.

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.