{"id":54566,"date":"2020-03-11T02:28:23","date_gmt":"2020-03-11T01:28:23","guid":{"rendered":"https:\/\/ethereumworldnews.com\/?p=54566"},"modified":"2020-03-11T02:28:23","modified_gmt":"2020-03-11T01:28:23","slug":"ripple-xrp-key-loses-support-blow-bulls","status":"publish","type":"post","link":"https:\/\/ethereumworldnews.com\/ripple-xrp-key-loses-support-blow-bulls\/","title":{"rendered":"Ripple’s XRP Loses Key Support In Blow to Bulls; Here’s What Analysts Think is Next"},"content":{"rendered":"

Although the crypto market has posted a slight recovery since Monday’s brutal lows<\/a>, Bitcoin, XRP, and all other cryptocurrencies remain down dramatically since Saturday’s highs. Case in point: XRP is still trading at $0.21.<\/p>\n

With this, the cryptocurrency is looking poised to close a weekly candle below crucial horizontal support, potentially marking a further blow to bulls of XRP.<\/p>\n

XRP Outlook Continues to Worsen<\/strong><\/h2>\n

Prominent trader Hodl2100k recently noted that<\/a> XRP’s technical outlook is rapidly worsening, pointing to the below chart, which shows that the cryptocurrency has deviated from his accumulation projection, while also falling below a key uptrend that has acted as support for the past weeks.<\/p>\n

Not to mention, his chart shows that volume has increased since the sell-off began, corroborating that it is serious.<\/p>\n

https:\/\/twitter.com\/h0dl2100k\/status\/1237220667235459073<\/p>\n

The loss of the uptrend comes a few weeks after the asset’s proprietary indicator flashed a sell signal on the weekly, which is especially relevant as it marked three out of the four local highs depicted on the chart above.<\/p>\n

Hodl2100k<\/a>‘s observation that XRP has breached a key weekly uptrend comes shortly after controversial though prominent crypto analyst Magic shared to TradingView that the cryptocurrency may be on its way to test $0.15 to $0.16 in the coming weeks.<\/p>\n

Per previous reports from Ethereum World News,<\/a> the trader explained in the TradingView post that the asset has \u201cclearly broken down from a head and shoulders pattern,\u201d all while the asset has \u201d failed miserably to recover above the 61.8% Fibonacci retracement level.\u201d<\/p>\n

This, he claims is a sign that the cryptocurrency could fall to $0.15 to $0.16,<\/em> which is where there exists diagonal support, the bottom of a falling wedge that has constrained price action for years now.<\/p>\n

India News Could Cure the Market…<\/strong><\/h2>\n

Although there are these technical fears, XRP, or more accurately the Ripple ecosystem at large, got a recent boost in the form of India’s tacit relegalization of cryptocurrency exchanges.<\/p>\n

For those who missed the memo, the Supreme Court last Wednesday reversed a ban<\/a>, thus allowing banks to once again facilitate transactions with and offer services to industry entities once again, \u201cremoving a major hurdle for the development of the sector,\u201d as put by Reuters.<\/p>\n

This is especially crucial for Ripple because the company could start a push into the country.<\/p>\n

Credible Crypto, a prominent industry commentator and trader, explained:<\/p>\n

\u201cRegulatory clarity was the final piece of the puzzle that was holding Ripple back from going after the Indian remittance market aggressively. Great for XRP.\u201d<\/p><\/blockquote>\n

Photo by\u00a0Harley-Davidson<\/a>\u00a0on\u00a0Unsplash<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"
Although the crypto market has posted a slight recovery since Monday’s brutal lows, Bitcoin, XRP, and all other cryptocurrencies remain down dramatically since Saturday’s highs. Case in point: XRP is still trading at $0.21. With this, the cryptocurrency is looking poised to close a weekly candle below crucial horizontal support, potentially marking a further blow to bulls of XRP. XRP Outlook Continues to Worsen Prominent trader Hodl2100k recently noted that XRP’s technical outlook is rapidly worsening, pointing to the below […]<\/p>\n","protected":false},"author":32,"featured_media":54567,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4656,947],"tags":[691,1458],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/54566"}],"collection":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/comments?post=54566"}],"version-history":[{"count":0,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/posts\/54566\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media\/54567"}],"wp:attachment":[{"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/media?parent=54566"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/categories?post=54566"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ethereumworldnews.com\/wp-json\/wp\/v2\/tags?post=54566"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}