The price of Bitcoin (BTC) is falling again and this is also pulling the rest of the market with it. Ripple (XRP) also seems to have been left a bit to the fate of the rest of the market. And the price is having a hard time. Technical analyst Erik Juffermans from Newsbit is trying to find out what the XRP price can do next.
The price slides further away
After XRP lost support around $1.80 at the end of last month, it went very fast. The price fell into a free fall to $ 1.20, a level that we already cited in previous analyzes as the ultimate bearish scenario.
With this decline, the price even briefly dropped out of the parallel downward channel that the price has been trading in since the peak of $3.60. However, buyers were there like the chickens and the price quickly rose back into the channel to a price of more than 1.50 dollars.
However, the increase did not continue and in recent days the price has slowly dropped at the bottom of the channel. Currently, this lower limit functions as support. But the question is for how long. The price seems to want to test the support of 1.20 again. Without new momentum, and with a weak BTC price, this is a scenario we have to take into account.
Will the price go to $0.70?
On the weekly chart the picture is clear. The price is still trading in the downward channel. Long term, $1.20 is currently the line in the sand. If the price loses this level in the coming weeks, the level of $ 0.70 will become a realistic target.
XRP is actually dependent on Bitcoin. In a bullish scenario, Bitcoin does not fall below $60,000, last Thursday’s low, and starts a recovery rally. In that case, the XRP price could rise to the resistance around $2.
But if Bitcoin falls deeper towards $50,000 in the coming weeks, then $0.70 is the next stop for XRP.
Source: https://newsbit.nl/bitcoin-duwt-xrp-koers-omlaag-newsbit-analist-waarschuwt/
