• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Binance Shocks Employees With Sudden Layoffs - What's Next For The Crypto Giant?

XRP Could Soon Trap Bulls; Here’s How Low Traders Think It Could Decline

Cole Petersen by Cole Petersen
3 years ago
in Altcoin Price
0
  • XRP, like most other altcoins, has been caught within a bout of sideways trading throughout the past several days and weeks
  • The cryptocurrency’s rangebound trading may not last long, however, as analysts are now noting that it could be poised to see some major downside in the days and weeks ahead
  • Its next notable decline could be sparked by a bull trapping movement higher
  • Some analysts are even pointing to a fractal that suggests new lows could be imminent

XRP has been hovering sideways around $0.20 over the past several days and weeks, struggling to garner any notable momentum as Bitcoin and most other major digital assets also consolidate.

It now appears that the crypto could soon see a slight rise higher, although this movement could mark a “bull trap” that is followed by intense downside.

Some analysts are also pointing to a striking fractal pattern that suggests the token could be positioned to see some notable downside in the days and weeks ahead – potentially even setting fresh multi-year lows.

XRP Continues Consolidation, But Turbulence Could be Imminent

At the time of writing, XRP is trading down just under 1% at its current price of $0.199, which is around the price at which it has been trading at for the past several days.

This sideways trading has come about as the result of that seen by Bitcoin. The benchmark cryptocurrency has struggled to garner any decisive momentum as it trades in the lower-$9,000 region.

XRP could soon put a swift end to this price action, however, as analysts are noting that it may soon push higher as it traps buyers.

One analyst mused this possibility in a recent tweet, explaining that he believes it will rally from its current price of 0.0000217 up towards 0.000024 BTC, before posting a swift decline that leads it lower.

This movement would mark a “bull trap.”

“XRP looking pretty nice for a bearish retest of HTF resistance imo. This could of course deviate and fall back into the range, but the R/R to punt a long here is pretty decent,” the trader noted while pointing to the below chart.

XRP
Image Courtesy of Smokey

This Fractal Spells Doom for the Embattled Token

Although fractal patterns are controversial and have a spotty track record of accuracy, XRP’s recent price action has been strikingly similar to that seen in early-2019, just before it faced a capitulatory decline that led it to plunge by 50%.

The chart below, offered by another popular trader, highlights just how clear these similarities are.

Image Courtesy of Smokey

If the crypto does follow a similar path forward, it could be poised to set fresh multi-year lows against its Bitcoin trading pair.

Featured image from Shutterstock.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

WOO Network Posts 50% Rally In Last 7 Days – Will WOO Keep Rising Next Week

WOO Network Posts 50% Rally In Last 7 Days – Will WOO Keep Rising Next Week?

2 months ago
Dogecoin and Elon, SpaceX launch

Dogecoin Crashes Back To Earth While Elon Musk Plays With Rockets

2 years ago
The Flippening in nature

Could Dreams Of Ethereum Flippening Bitcoin Be “Officially Cancelled”?

2 years ago
Ethereum, undraw

Sentiment Flippening: Why This Bitcoin Expert Doesn’t Own Ethereum

2 years ago
Dogecoin Plummets 30% From Highs Following Elon Musk’s SNL Appearance 

Dogecoin Plummets 30% From Highs Following Elon Musk’s SNL Appearance 

2 years ago
Ethereum bull run

Ethereum And The Undeniable Signs Of A Bull Market

2 years ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    6 hours ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    6 hours ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    9 hours ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • ron ron token desantis

    The Ascending Trajectory of $RON: Setting the Pace for...

    3 hours ago
  • TMS Network (TMSN) Gives 3000% Profit To Investors While...

    4 hours ago
  • Why are Aptos (APT) and Cardano (ADA) investors shifting...

    4 hours ago
  • Can DeFi Utility Like Uniswap(UNI) Be Possible With...

    4 hours ago
  • Bitcoin Whales Are Diving Into DigiToads as Memecoin Season...

    4 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.