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XRP Will Likely Drop 38% Unless It Moves Above This Critical Line As BTC Heads for Bottom: Analyst | The Daily Hodl

Home » XRP Will Likely Drop 38% Unless It Moves Above This Critical Line As BTC Heads for Bottom: Analyst | The Daily Hodl

 

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.

Source: TraderSZ/Twitter

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.

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.”

Source: Josh Rager

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.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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