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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

XRP Plunges 20% From Highs: Here’s Why More Downside Is Expected

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
xrp ripple high

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Along with Bitcoin, Ethereum, and the rest of the crypto market, XRP has taken a significant hit during the last 48 hours of carnage.

Ripple has since plunged by over 20% from its recent peak, but a bearish divergence forming could be a prelude to substantial downside ahead.

XRP Falls 20% In Two Days, Is The High For 2020 Already In?

The total crypto market cap within the last 48 hours had over $50 billion in value wiped out from the massive 2020 rally that at the peak saw an over 100% increase year-to-date.

But that high may be in for the year for several top crypto assets, including XRP, which has fallen over 20% in the last 48 hours alongside other majors like Bitcoin and Ethereum.

Related Reading | Bitcoin Breaks Below $11,000, How Deep Will The Selloff Go?

The altcoin known as Ripple has had one of the worst runs in crypto since its all-time high was set at over $3.50 per token. It spent the last two years as the market’s worst performer, yet somehow has held on to one of the top-most ranks in the space.

A short spat with Tether resulted in some flip-flopping between number three and number four, but Tether’s dominance could increase a lot more if massive bearish divergence plays out on XRPUSD price charts.

ripple xrpusd xrp

XRPUSD 3-Day Relative Strength Index Bearish Divergence | Source: TradingView

Why Ripple Could Face Another 80-90% Collapse In Crypto Crumbles

Several signs pointed to a new bull market in crypto and a strong recovery in XRP. The altcoin was a top-performing asset for the first time in ages, taking the asset from Black Thursday lows around ten cents to as high as over 30 cents at the 2020 high.

Except unlike Bitcoin and Ethereum that set new 2020 highs following the Black Thursday low, XRP still has been trading far below the early February 2020 high.

While the price failed to set a higher high, the Relative Strength Index, however, did. This sort of behavior when an indicator and price action diverge, is called a hidden bearish divergence.

Related Reading | This Signal Says Ethereum Could Lead Alts Off A Cliff

These can often act as strong, bearish warning signals, and a reversal often follows. The only way an asset can prevent a deep decline is if a rebound can take price action to a greater high.

If the bearish divergence plays out, Ripple could be in for yet another 80-90% crash. According to two past bearish divergences, each time the asset failed to set a new high, the altcoin plummeted by between 84% and 92%. Another similar-sized drop would take the altcoin back to just three cents per token.

Sounds impossible after such a drawdown, but anything is possible in cryptocurrencies, especially with the global economy in such shambles due to the pandemic. But Ripple bulls will want to be wary in the days ahead in case such a scenario plays out.

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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

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

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