However, according to the latest analysis by a crypto trader on TradingView, the third largest digital asset by market cap of $12.6 billion is going to crash 98 percent from its peak.
At the time of writing, XRP has been trading at $0.302 with 24-hours loss of 1.95 percent. Meanwhile, the daily trading volume is slowly moving upwards as from $649 million, two days back, it has gone up to $753 million.
A rising volume is a positive factor for the prices however when volume rises while the price goes down, it signals a bearish scenario.
Crypto trader Vold316 shared in his analysis that the support for XRP is weakening and when this support breaks down, it will go back to where it all started.
“That support is weakening, and when it breaks it will go down to where the pump started.”
XRP is already 91 percent down from its all-time high at around $3 from December 2017. And a drop of 98 percent will take it to $0.0054, as per the analysis.
While one user comments that this would imply there are no fundamentals which are so not the case, hence the drop can’t happen, other one called out the controversial XRP army that was recently in the news for being made up of bots and fake accounts. He further said,
“Most of the partnerships are scams and those that aren’t, like the Santander Bank boil down to a phone app that has entire seventeen reviews, and works slower than IBAN.”
Your chart is just made up and it even has no linear scale. It’s pure FUD imo. Here you see reality in a chart from February. You see the price from 2017-Feb-25, 2018-Feb-25 and 2019-Feb-25. Are you trying to talk the price down? pic.twitter.com/VKJ3uqLSMi
— Christian Schneider 💧 (@CSchneider_1978) March 25, 2019
TradingView, the platform where the analysis was posted had shared this analysis on Twitter that got the backlash from XRP community as one commented,
“thanks for spreading FUD. I am now going to buy some more XRP.”
Well, it didn’t go well with the XRP community either as one wrote, “So why aren’t you neutral then? I thought you provide chart tools, not steer markets at twitter.”
In the crypto space, the price predictions for new highs and new lows aren’t anything new. Moreover, given the fact that crypto market works in its own way and has a very small sample space, in case of XRP it’s 7 years now, so exact price prediction is hard to pin down.