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.
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.