RATE Group | XRP on the Verge of Free Fall
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XRP on the Verge of Free Fall

14 Mar XRP on the Verge of Free Fall

Posted at 10:05h in Cryptocurrency News by

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XRP prices were slashed to levels not seen since May 2017. Despite the already painful sell-off, one prominent crypto analyst estimates that Ripple’s main asset could enter free fall.

XRP Holding on to Thin Air

Peter Brandt, a 45-years trading veteran, recently said that XRP is sitting on top of “white space.” Looking at prices since August 2016, Brandt shows there are no support levels that could help XRP if there’s a further decline.

The lack of support is a result of price action following its $3.3 peak in January 2018. Since then, the coin entered a relentless downtrend, destroying 96% of its value.

Another way to look at it, according to Brandt, “almost everyone who has bought XRP since May 2017 has a loss.”

XRP/USD price chart by Peter Brandt
XRP/USD chart by Peter Brandt

Although he didn’t predict the exact price trajectory of XRP, he is not optimistic. Brandt pointed out that “XRP is not a true crypto.” Instead, he explained that it could serve as a financial instrument for those who believe…

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