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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Crippled: XRP Prints Fresh Low After Nearly a Year of Consolidation

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read
xrp ripple crypto btc

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Created by industry experts and meticulously reviewed
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XRP, the native altcoin asset powering the Ripple cross border payments protocol, just set a new bear market low on the BTC trading pair, following nearly a year of consolidation.

What exactly does this mean for the third-ranked crypto asset and how much further could this drop extend?

Ripple Consolidates For Over 250 Days At Support, Support Crushed by Bitcoin

There’s no denying that XRP has lagged compared to many other altcoins. It’s been the worst performer nearly two full years running.

But the asset had recently begun to surge after a string of powerful buy signals triggered across multiple timeframes and trading pairs.

Related Reading | Powerful XRP Fractal Points To Redemption Rally, Start of New Uptrend 

The long oversold asset had finally found support after 250 or more days of consolidation and began a push higher. A fractal that could take the asset to over $14 added fuel to bullish sentiment.

The asset was up over 10% last week while Bitcoin stagnated. Sideways Bitcoin price action is said to be the ideal environment for altcoins to thrive.

But with the most recent pre-halving rally in Bitcoin, altcoins have since tanked on the BTC trading pair.

XRP Prints Fresh Low Against BTC, Or Is This a Crypto Market Fakeout?

Because most crypto assets and altcoins are priced both in USD and BTC, when Bitcoin rallies, it can drag up the USD value of altcoins like XRP.

It’s often more effective to look at altcoin trading pairs against BTC, such as the XRPBTC trading pair, to get a better sense of the individual altcoin’s health.

Looking at the XRPBTC weekly price chart, Ripple has fallen and may not be able to get up.

xrp btc bitcoin crypto altcoin

After spending nearly a full year with bulls defending the support level of 2500 satoshi, the level just broke down and is already dropping fast toward whatever support level lies below.

Related Reading | Despite XRP Surge, Weekly Close Could Have Deadly Implications

Another leg down is in process, which could cause XRP to drop another 40% to 1500 satoshi. Last week’s weekly close was said to have deadly implications, and those implications are now playing out.

It’s important to note that this could be a fake down before the real move upward. The last time that XRP traded below 2500 satoshi, was a month before the cryptocurrency rose 900% against Bitcoin and set a record of 23,000 satoshi and an all-time high of over $3.58 on the XRPUSD trading pair.

Will history repeat now that lows have been swept and this long untouched level has been penetrated? Or will the XRP army finally give in to the constant sell pressure and continued downtrend Ripple has been stuck in?

Featured image from Pixabay
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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.

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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

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