• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

XRP’s 30% Decline Falls To Bottom Of Cloud, Stormy Days Ahead If Support Fails

Tony Spilotro by Tony Spilotro
2 years ago
in Cryptocurrency news, Ripple, Technical analysis
Reading Time: 3 mins read
Advertisement

XRP, like other major crypto assets Bitcoin and Ethereum, suffered a powerful collapse this week that turned sentiment from extreme greed to fear in a snap.

The altcoin called Ripple fell by over 30% from the 2020 high to the local low before rebounding. The fall also took the price per token to the very bottom of weekly Kumo support on the Ichimoku indicator – a potentially bullish signal that in the past led to all-time highs. Losing the cloud, however, could signal stormy days ahead for Ripple price.

XRP Falls 30% From 2020 Highs But Holds Strong At Bottom Of Cloud Support

Last week, after the crypto market reached a staggering 80% year-to-date ROI, the rug was pulled, and valuations began tumbling back down from 2020 highs.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

From the peak price of 33 cents per XRP to a local low of 22 per token, represents a 30% fall within just three weeks. The abrupt and severe crash sent sentiment shifting toward fear, but not quite yet to the pandemic panic levels of Black Thursday.

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

After an over 200% rally from 2020 lows, any correction may have simply been profit-taking and is nothing more than a healthy correction. It’s just due to how fast it happened that has crypto investors shaken.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Analysts are calling the recent crypto market price action a bullish retest of resistance turned support. And according to the Ichimoku indicator, that is exactly the case for XRPUSD.

ripple xrpusd

Ripple Weekly Price Chart Ichimoku Cloud Support | Source: TradingView

Ripple Effect: Losing Kumo In Past Caused 60% Crash, Recovering It Over 30,000% ROI

The top altcoin behind Ethereum may have fallen, but it is being held up by the one week cloud on the Ichimoku indicator.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

The cloud or Kumo highlights where potential support and resistance levels may lie, among other signals. It also expands and contracts based on volatility, and twists from green to red when a bearish reversal is coming and vice versa.

Related Reading | Five Signs Bitcoin Dominance Has Bottomed: Are Altcoins Headed To Zero?

XRP holding above the bottom of weekly cloud support is bullish until the level is lost. Past Ripple price cycles may shed some light on what to expect in the coming days. In the past, the altcoin eventually lost the key level.

120 days later, it reclaimed it and went on an over 30,000% rally to its all-time high record. In less than 60 days alone, Ripple had rallied over 4,000%.

Although there’s a happy ending to this story, the crypto asset suffered an enormous plunge after losing the cloud support.  If the same happens again, XRP is in for some stormy cays ahead. The cryptocurrency crashed 60% after losing the bottom support of the Kumo in 2016.

ripple xrpusd weekly zoomed

Ripple Weekly Price Chart Ichimoku Cloud Support Comparison | Source: TradingView

However, there is one major difference this time around. The Ichimoku indicator itself can be overwhelming, with several other lines and indicators offering other information about the market.

For example, when the Tenken Sen and Kijun Sen lines cross, it can be a bullish or bearish signal depending on which is on top. In 2016, XRP was still bearish based on the crossover when it lost the cloud. This time around, XRP is bullish on weekly timeframes.

The last time Ripple got over the cloud, magic happened. Is that’s what is next, or will the cryptocurrency fall one more time? If so, another 60% fall and four months may be left before the explosive rally happens. But when it does, it will be more than worth waiting for.

Tags: altcoincryptoRipplexrpXRPBTCXRPUSD
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
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 at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

Related Posts

Ether options surpass Bitcoin options

Flippening Forewarning? Ether Options Overtake Bitcoin As The Top Crypto To Trade

32 mins ago
bitcoin

Bitcoin May Hit $10K As Price Slides Pre-FOMC Meeting

42 mins ago
Dogecoin

Dogecoin Jumps 15% In 24 Hours As DOGE Overcomes Critical Level

3 hours ago
The Upcoming Merge Will Not Reduce Gas Fees, Clarifies Ethereum Foundation

The Upcoming Merge Will Not Reduce Gas Fees, Clarifies Ethereum Foundation

5 hours ago
Solana

Solana (SOL) Sees Potential Wipeout Based On Bearish Technical Indicator

5 hours ago
TA- Dogecoin DOGE Remains Bullish Despite Bearish Signs – Eyes $0.1

TA- Dogecoin DOGE Remains Bullish Despite Bearish Signs – Eyes $0.1

6 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Less Than a Month to Go Before the Finance and Fintech Industry Meets at iFX EXPO Asia

August 17, 2022

The Fully Gold Backed Token – ComTech Gold (CGO) Is Now Available for Trading on LBank Exchange

August 17, 2022

LBank Weekly Listing Report, 15th August 2022

August 17, 2022

LBank Exchange Will List AbleBlockChain Token (ABC) on August 17, 2022

August 17, 2022

100% Sell Out On Gnox (GNOX) Presale Compared To Binance Coin (BNB) And Avalanche (AVAX) ICOs

August 17, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.