- The current state of the cryptocurrency markets has seen some extreme volatility over the past few weeks.
- At the start of 2020, the third biggest digital currency was able to incur some pretty noteworthy gains.
The current state of the cryptocurrency markets has seen some extreme volatility over the past few weeks. In particular, the third-largest digital asset in the industry, XRP, has been able to make some pretty significant moves between the current prices, put in comparison to the recent lows.
XRP is a weird token…
There is a lot of debate going on within the community, and both the general cryptocurrency space. The argument is based around whether the token is decentralised or centralised, given the amount of its current circulation owned by its creator and parent company, ripple labs. Whereas the token has seen some good momentum over the past few months, it’s never been able to really make a massive upwards break out. When you think from a technical perspective, it seems to be in a strange precarious position.
With this in mind, this has led to many researchers make note that XRP needs to be able to break up above the long-held descending resistance line. If it is unable to do this, it could soon see some new lows which aren’t good for either the community nor the industry.
At the start of 2020, the third biggest digital currency was able to incur some pretty noteworthy gains. Except it was able to climb from lows that were set at the bottom of the sell-off of which it had experienced in the aggregated markets of during the later days of 2019.
XRP has a pretty impressive ability to post a strong climb from these lows and has pointed to some underlying strength amongst its buyers. Despite this, it is able to appear that it is still stuck beneath the key resistance level with it struggling to break both and open more room for potential losses.
One crypto researcher, Jacob Canfield has given his thoughts on the token in a recent tweet. Taking to Twitter recently, the researcher explained that the failure for it to post a decisive upwards movement against the backdrop of heavy bullishness within the current state of the market, will be more of a bearish sign.
“Ripple is just getting painful to look at when many other majors and #bitcoin itself is breaking out. Needs to push up soon or we could see another low incoming.”
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