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

Tony "The Bull" Severino

5 years ago

3 mins read

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The cryptocurrency known as XRP, also called Ripple, has been among the worst performing crypto assets throughout the year of 2019.

While many crypto investors are expecting the massively oversold asset that’s long been in a downtrend to finally reverse and return to former high prices, one crypto analyst believes that Ripple’s distribution is almost complete, and a mark down phase will soon follow. Such an event would take the price of the cryptocurrency even lower, back to levels not seen since early 2017.

Ripple Ready for Mark Down Phase Following Grueling Two-Year XRP Distribution

XRP, the native cryptocurrency token of the Ripple protocol, is currently trading at roughly 22 cents per XRP. The crypto asset is down over 90% from its all-time high of $3.84 it set back in early 2018, just before the crypto bubble popped and altcoins fell into a deep downtrend and extended crypto winter.

Even throughout 2019, as Bitcoin and other altcoins began to regain lost ground, XRP has continued to set new, lower lows, and even failed to rally around the annual Ripple Swell conference. In the past, the event led to extreme pumps in the asset’s price.

This year, however, there was barely a ripple, let alone the asset skyrocketing from news stemming from the annual event focused on the future of the finance industry.

Because Ripple has failed to set any new highs, one crypto analyst believes that the asset’s distribution phase is almost complete, and what comes next is a violent mark down phase that could possibly take the price of the crypto asset to as low as a penny per XRP.

https://twitter.com/moe_mentum_/status/1204646380079394816?s=21

According to a chart shared by the analyst, XRP can clearly be seen entering an accumulation phase. After that, mark up occurred, leading to the reaccumulation of Ripple higher before another advance. The final advance completes, and thus begins distribution, which has lasted all of 2018 and 2019 according to the schematic.

The chart and patterns depicted very closely match up against Wyckoff Theory schematics. Richard Wyckoff believed all assets went through four distinct phases of price action: accumulation, mark up, distribution, and mark down.

If the patterns of on XRP price charts do indeed play out confirming distribution was taking place, the price of Ripple could fall to support levels below located at 5 cents per XRP, to as low as 1 cent per XRP token.

Such a drop would eliminate the entire 2017 bull run from Ripple’s existence, and take the price of the asset back to levels not seen since 2014 through early 2017, before crypto became a household name and the bubble eventually popped.

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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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.
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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.