XRP Recovers from Dip to $0.21, But Analysts Expect Further Losses

Bitcoin’s massive drop yesterday sent shockwaves throughout the aggregated crypto markets, leading most major altcoins – including XRP – to plummet to fresh post-2018 crash lows, which may signal that the rest of 2019 will prove to be bearish for the crypto markets.

XRP, which plunged to unprecedented lows yesterday, has posted a relatively strong recovery from these lows, but analysts are now noting that the crypto is likely to see further downwards pressure in the near-term.

XRP Bounces from Lows of $0.21 

At the time of writing, XRP is trading down over 6% at its current price of $0.246, which marks a notable retrace from its daily highs of nearly $0.27 that were set just prior to the massive downturn experienced by the aggregated crypto markets.

Over the past week, XRP has been slowly grinding lower from highs of over $0.30, and its recent bearishness grows abundantly clear while looking towards its monthly price action, as it surged to highs of over $0.32 earlier this month before facing a swift rejection that has subsequently resulted in it setting fresh post-2018 crash lows.

The recent sell-off sent XRP to lows of $0.21 yesterday, which was met with significant buying pressure that almost instantly led it to surge higher.

This recent sell-off has been driven by an influx of trading volume, which has risen from weekly lows of just over $1 billion USD to highs of over $2.5 billion.

Analysts Expect XRP to See Further Losses in Near-Term

It is important to note that the altcoin market’s near-term price action will likely be largely dependent on that of Bitcoin, and Josh Rager, a popular crypto analyst on Twitter, explained in a recent tweet that he believes altcoins could drop another 20% in the near-future if Bitcoin dips into the $7,000 region.

“Altcoins Have seen more selling pressure after the breakdown of Bitcoin- people realize this isn’t likely to be a quick ‘v’ reversal. I expect some alts to see new lows for this year against Bitcoin. Can lose 20%+ more as Bitcoin likely hits $7ks again (weekly close will tell),” he explained.

Altcoins

Have seen more selling pressure after the breakdown of Bitcoin- people realize this isn't likely to be a quick "v" reversal

I expect some alts to see new lows for this year against Bitcoin

Can lose 20%+ more as Bitcoin likely hits $7ks again

(weekly close will tell)

— Josh Rager (@Josh_Rager) September 25, 2019

 

Assuming that XRP drops another 20% in the coming days, that will lead it to once again revisit the $0.20 region, which is roughly where it found significant buying pressure yesterday.

Featured image from Shutterstock.

The post XRP Recovers from Dip to $0.21, But Analysts Expect Further Losses appeared first on NewsBTC.

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