XRP Will Likely Drop 38% Unless It Moves Above This Critical Line As BTC Heads for Bottom: Analyst
A prominent crypto analyst says XRP is in the danger zone.
TraderSZ tells 39,700 followers on Twitter that the third-largest cryptocurrency by market cap needs to rise above a critical “mid-range” level to avoid a further 38% breakdown.
The analyst draws that line at $0.2669 – an area of support and resistance dating back to 2017.
“As long as we hold below mid range, expecting XRP/USD to drop towards $0.135 next.
TraderSZ isn’t just picking on XRP. He has a bearish outlook on the crypto markets at large.
In the near term, the trader is short Bitcoin (BTC), and expects the king of crypto to drop below $7,300, then $6,900 and then $6,600.
As for when BTC will hit a bottom, the analyst says it’s likely to happen at $6,000.
— TraderSZ (@trader1sz) November 30, 2019
Daily analyst Josh Rager is on the same page.
His new set of technical analysis is alerting his crew of 60,300 followers to the $6,000 level as an extremely likely target for BTC.
Right now, he’s looking to see if support holds at $7,150.
“As long as $7150 holds, this will be a key area because it’s the point of controls, the area with the most volume traded in this range.
But let’s not kid ourselves, $6ks are coming again sooner or later. Prep your emotions, we’ll get through this like always.”
Both Bitcoin and XRP have had a rollercoaster of a year, with BTC hitting lows near $3,000 and highs at almost $14,000.
At time of publishing, BTC is down 0.45% at $7,321 according to CoinMarketCap – a 95% rise from the start of 2019.
XRP hit a 2019 high of $0.4913 in June and a low of $0.2085 on November 24th.
Right now, the coin is down 0.84% at $0.2206 – a 37% drop from the start of 2019.