The month of August has been a lousy month for Ripple (XRP) as the third-best cryptocurrency by market cap has been bearish all through the month declining form its July 0.32 US dollar price value to struggling prices since the drop. Despite these bearish trends, Ripple is yet to reach its bottom according to a crypto analyst.
After attempting to bypass its short-term resistance level of 0.27 US dollars, Ripple’s XRP was once again rejected to settle at its current price action, a fate that closely mirrors that of Bitcoin and other significant altcoins.
Following its recent price movements, analysts are now arguing that XRP is yet to hit its long-term bottom. What this means is Ripple traders and investors should brace themselves for further rainy days. A new price dip in the coming weeks or months is expected before Ripple finds a long-term support level that will allow it to recover from its recent price decline.
Ripple (XRP) Faces Heightened Selling Pressure as Further Price Dip is Likely
At present, Ripple is exchanging at about 0.266590 US dollars, a 1 percent price decline from its 24-hour high of about 0.271 US dollars.
It seems that the 0.27 US dollar mark has become Ripple’s new near short-term resistance level. On careful observation, it has become clear that every time Ripple reaches the 0.27 US dollar level, it is followed by a slight rejection that pushes it on the lower side. This trend has been going on for the past several days and weeks.
Ever since the third cryptocurrency by market cap broke below its previous support level of 0.30 US dollars, it has perpetually traded around the 0.25 US dollar region signaling a trading range of 0.25 and 0.27 US dollars. According to some crypto experts, Ripple’s new trade range might hold firm in the short-term as long as the number one cryptocurrency, Bitcoin does not make any significant price movements.
Discussing Ripple (XRP), Chronis Trading, a renowned crypto analyst, tweeted sharing his predictions that Ripple XRP was yet to find a long-term bottom. According to Chronis Trading, XRP might face a substantial and a deeper pullback in the coming days. Chronis Trading disclosed while refereeing to Ripple’s trading table that,
“$XRP – why does the community keep speaking bottoms on Ripple XRP? The number three crypto asset by market cap is not even close to the bottom.”
Trading Predictions on Significant Forex Exchange Platforms May Spell Doom for Major Crypto Assets
According to a famous crypto expert who goes by the name Nik Patel, predictions towards forex traders on IG, a significant FX trading platform, may affect the price performance of significant cryptos including XRP negatively.
Patel noted,
“Customer sentiments on IG towards Bitcoin, Ethereum, and Ripple looks like a disaster in waiting.”
Given the fact that overleveraged long and short-term positions of any individual asset or market are generally viewed as counter pointers by most experienced investors, the reality that 97 percent of Ripple traders on IG are currently long on XRP may give life to the notion that further losses are looming.
However, despite the current situation, traders and investors are advised not to participate in panic selling of their assets. Traders who do not participate in swing trading should not be concerned. The best way to approach this situation is by looking at the big picture of Ripple by staying focused on the long-term gains that are inevitable in regards to XRP.
The current price dip is just but a stage in the crypto asset’s market cycle. According to cryptocurrency trading experts, major price downturns are usually followed by significant upturns allowing patient traders and investors to make the most significant gains in the long run. As the market anticipates further price declines from Ripple (XRP), the best is yet to come from the digital coin.
Ambitious Ripple followers are still expressing confidence towards their favorite coin, XRP, and are undeterred by its current misfortunes.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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