Ripple Market Update: XRP/BTC breaks below critical support, more sell-off ahead
- Ripple's coin may continue moving down against BTC.
- XRP/USD lacks the momentum to move outside the range.
A prominent commodity trader and a long-standing XRP critic Peter Brandt believes that XRP is bound to crash agains BTC. In a recent tweet, he pointed out that Ripple Lab, the company behind the digital coin, destroyed the foundation that supported the coin against BTC.
Looks like Ripple Labs has blown the wad allocated to support XRPBTC at 0.00002060 to 0.0002075 levels. If ice-line cannot be reclaimed, look for new support at 0.0000194 on way to .0000145. Hey, I'm just a boomer who hates XRP.
Brandt also noted that the XRP dropped below 0.0002060 sats amid the recent Bitcoin’s rally to $10,000, which is considered as a bearish signal. If XRP/BTC fails to regain the ground, it may soon go all the way to 0.00001450 satoshis, according to Brandt.
At the time of writing, XRP/BTC is currently trading at 0.00002060, down over 90% from the peak of nearly 0.0002300 reached in January 2018.
XRP/BTC daily chart
XRP/USD stuck in the range
Meanwhile, XRP/USD is oscillation around 38.2% Fibo retracement for the downside move from February 2020 high at $0.2030. The coin has barely moved in recent days, as the downside momentum is limited by $0.2000, and the recovery is blocked by the local resistance at $0.2040. All the attepmts to move outside the range failed to yield a sustainable result.
A broader range is created by daily SMA200 at $0.21300 and a combination of daily SMA100 and the lower line of the Bollinger Band at $0.1930.
XRP/USD daily chart
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Author
Tanya Abrosimova
Independent Analyst
