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Home Cryptocurrency news Bitcoin

XRP Breaks Below Bear Market Bottom, Will The Rest of Crypto Follow?

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news, Ripple
Reading Time: 3min read
xrp ripple crypto bitcoin
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Yesterday, the leading crypto asset by market cap, Bitcoin, broke down from its multi-month trading range, crashing over 15% and dragging already battered altcoins like XRP and Ethereum down further with it. 

The fallout was enough to not only completely erase the most recent “alt season” gains XRP and Ethereum experienced, but it also caused XRP to set a new bear market low causing many to fear that the rest of the market may follow.

Bitcoin Crash Cripples Ripple’s XRP, New Bear Market Lows Reached

Once Bitcoin price left what many believe was its bear market bottom behind, the influx of investors and traders fearing missing out on the lowest possible prices buying up the scarce asset caused it to immediately go parabolic once again, and within months rose over 300% before it began to correct.

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Related Reading | Altcoins Set Fresh Yearly Lows Against Bitcoin, XRP and TRX Worst Performers

But elsewhere in the crypto market, altcoins have been far less bullish than Bitcoin, and could be a leading indicator as to what happens next for Bitcoin. Altcoins, such as XRP or Ethereum, all topped out ahead of Bitcoin and began to crash back down toward their bear market bottoms.

$xrp broke the december 2018 low today. I expect more alts to follow.

— AMD Trades (@Amdtrades) September 24, 2019

Yesterday, Bitcoin finally broke down from its trading range, and dragged the USD value of most altcoins down with it. Included in the destruction, was XRP. Ripple’s native crypto asset not only plummeted alongside Bitcoin, but it set a new bear market low in USD value.

Has the Crypto Market Actually Bottomed?

XRP reaching yet another new bear market low should strike fear into the hearts of all crypto investors, as the rest of the crypto market may soon follow in setting fresh cycle lows before the bull run truly begins.

XRP recently rallied alongside other altcoins like Ethereum in what many were calling an “alt season.” But that rally was not only erased in a flash, XRP is at risk of setting its lowest price in years.

Related Reading | Will Upcoming Ripple Conference Cause XRP Price to Swell?

Not even Ripple’s Swell conference, which has caused the price of the XRP token to skyrocket in previous years, was able to have a noticeable effect on the constant sell pressure being applied by Ripple’s team as well as capitulating bagholders who bought the asset at prices over $3 at the height of the crypto hype bubble.

On high time frames, this 7000-8500 area will decide whether $BTC trends towards ATH or below $1k.

I'm on team bear until there is very convincing reversal signs on lower time frames. https://t.co/ELSbPYTtrW

— The Chonky One? (@ChonkyOne) September 25, 2019

With the rest of the crypto market – and even Bitcoin – now trending back down, crypto traders and investors are starting to fear the worst: that the bear market isn’t over, and Bitcoin’s bottom around $3,000 wasn’t actually the bottom. Sentiment and interest in crypto markets is at extreme lows, but things can always get worse before they get better.

Featured image from Shutterstock
Tags: atlcoinsbitcoincryptoethereumRipplexrp
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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