In the last 12 hours, XRP (XRP) has fallen by over 18% and is now trading at around $ 0.35. This follows the breaking of the bitcoin below $ 4000, a break that sent the bearish sentiment up and pushed it to around $ 3,600. With such bearish sentiment, it is rational to consider the worst-case scenario for different currencies. Of course, many of those with weak fundamentals will go to zero and probably will not return. But for the encrypted with solid fundamentals like XRP, there is a future.
Therefore, the big question now is, what is the worst scenario for XRP at current market conditions? To have a rough idea of how far down it can go, the best approach is to use technical analysis. It is the best measure of market sentiment in the perpetual battle for the control of bulls and bears.
From a glance at the long-term charts of the XRP, there is room for other bearish moves. At this point there are two possible levels of support for XRP. The first is $ 0.244. This is the lowest price that XRP traded at 2018 and from which it made a big reversal up to $ 0.80. There is a probability that it will bear the price of short-term XRP. In the unfortunate scenario that does not hold, it could open the doors to sellers, both those who put the market in crisis and those who sell for panic. This could bring the price of XRP to only $ 0.154.
This is the October 2017 price of the XPR and could perhaps mark the end of the bloodbath. If the XRP were to test this price, the risk of further downward slides would be significantly reduced. Not that there are guarantees, but there would be a greater likelihood of prolonged consolidation with minimum volumes, as opposed to a freefall of less than $ 0.10.
The probability that XRP falls to $ 0.15 is largely linked to bitcoin price action (BTC), and does not seem great. The long-term Bitcoin chart shows an encryption that is running at $ 3175, which is a key long-term support and could drag the rest of the market with it.
If the bitcoin is purple $ 3100, then it will have a broken market structure, and there would be a risk of a multi-year stagnation between $ 1500 and $ 2500. This is fully in line with the possibility of XRP entering a long consolidation phase. term if it falls below $ 0.15.
There is hope
However it is not all a destiny. The markets are unexpected all the time. All you need is some positive news, possibly from regulators and the market could undergo a major reversal. With many institutions involved in cryptography, there is such a possibility. However, it is better to keep the market in mind and with an open mind. Markets are never 100% predictable and anything can happen at any time. That's why the most important thing to invest is investing in what you can afford to lose. That and have a long-term picture of the markets. This helps to remove emotions and keep an eye on the goal. There is no doubt that the long-term blockchain is the future.