Even with the rise of Bitcoin, XRP remains unimpressed and may have a difficult road ahead
Yesterday the aggregate crypto market saw an immense increase. Bitcoin’s rise to $ 10,000 allowed some altcoins to capture a fraction of that moment, although the XRP actually declined during the same trading period.
Now, it appears that yesterday’s lackluster price action has caused the third largest digital asset to fall below an essential support level that was previously reinforcing its price action.
This collapse is driving analysts to predict serious blood in the coming days and weeks, with some even pointing the asset in a “dead end” (or dead end).
XRP struggles to win ‘Momentum’
So far, XRP is trading marginally against its dollar trading pair at the price of $ 0.217, below the daily highs of just over $ 0.22 that were set yesterday.
The serious weakness expressed by the token can be seen more clearly as we look at its trading pair at BTC.
Currently XRP has dropped nearly 6% compared to Bitcoin, marking a severe underperformance by the benchmark cryptocurrency that forced it below what was a previously strong support level.
A popular analyst offered a chart clarifying the break below the support that this latest decline against BTC caused for both XRP and EOS – another major altcoin.
Due to the immense weakness it is currently showing against Bitcoin, it is highly likely that this will also create some obstacle that makes XRP see weakness in relation to its dollar trading pair.
Peter Brandt points out that XRP is in a “dead end”
The analyst mentioned above is not the only one who has realized the dire technical situation caused by the latest decline of XRP against Bitcoin.
Respected veteran trader Peter Brandt also spoke about XRP, explaining that, although he is now optimistic about both Bitcoin and Ethereum, he believes the token (XRP) is in a “dead end”.
He points to the cryptocurrency’s “manipulated market” as a reason to support this claim – probably a reference to Ripple’s strong involvement with the cryptocurrency from a market perspective.
“In 45 years as a market speculator I discovered the real deals for possible scams. I just tried to warn people that XRP is a manipulated market and a dead end, ”he explained.
Unless the cryptocurrency registers a big rise that allows it to recover the main support it just lost in its trading pair with BTC, there is a strong possibility that XRP will see more blood in the coming days and weeks.