While Bitcoin (BTC) has had a harrowing past few months, tanking by 50% since the June peak, XRP has been having it worst.
The third-largest cryptocurrency, which trades behind Ethereum in terms of market capitalization, has collapsed by 50% since the start of 2019, a period which saw Bitcoin gain 95%.
It should come as no surprise then that analysts are currently fearing the worst.
Per previous reports from Ethereum World News, Joe Saz, a cryptocurrency trader and regular guest on BlockTV, went as far as to remark that XRP is “floating in outer space” and in a serious downtrend, drawing attention to a descending channel that has formed on the asset’s chart.
That begs the question: where will XRP’s price bottom after the harrowing downtrend that has been seen this year?
XRP Price To Drop Another 30% Before Bottom
According to a recent tweet from il Capo of Crypto, a trader closely analyzing assets in the cryptocurrency space, XRP’s closely notable level of support is around 30% below the current price of $0.195 at around $0.15. This means that the cryptocurrency’s downtrend is still a ways from ending.
$XRP levels pic.twitter.com/wBFqdE2A0w
— il Capo Of Crypto (@CryptoCapo_) December 30, 2019
Capo’s analysis that a bottom is likely to form in and around $0.15 lines up with that of other analysts.
Per previous reports from this very outlet, analyst Magic recently argued that the cryptocurrency is printing “what appears to be a bear flag breakdown,” which has a measured target of $0.15 per XRP. Magic added that the $0.15 target could easily be hit if Bitcoin starts to slip once again.
That has been echoed by Jacob Canfield, a prominent cryptocurrency trader who recently stated that XRP will need to fall to the $0.10 to $0.15 range before he even considers a long position.
Michael Van De Poppe has claimed that as long as the $0.14 to $0.17 range is held by the popular altcoin, there will be a base for a strong rally to take place in 2020.
The CoinTelegraph contributor and Amsterdam Stock Exchange trader specifically said that if that level can hold and the price action plays out as it did during the previous macro bottom in the XRP price, the price of each token could hit $0.473 a pop by mid-2020, which is currently 175% higher than the market price:
Broke down of this range for the first time in a year, similar to the period in December 2015. Still expecting that period to be synonym for the current market. Area around $0.14-0.17 is must hold zone.
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from Ethereum World News https://en.ethereumworldnews.com/xrp-price-30-percent-above-support-price-tank/
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