Here is the XRPUSDT chart with the longest trading history on the tradingview. While remembering and describing the history of Ripple, a great nostalgia hit the soul. How diverse have been the last 4 years of cryptocurrency trading.
Most started talking about XRP in the spring of 2017, during the first stage of the cryptocurrency hype in 2017. Then BTC was still growing weakly in dollar terms from 1000 to 3000, little attention was paid to it. But altcoins paired with BTC and ISO projects were our all to multiply the deposit. XRPBTC made x57 for the quarter of 2017, and if with minimum leverage, then earnings reached eye-watering values. In a bull market, everyone immediately became a profi-trader, buy and hold, what's the big deal?)
The main news that pushed up or fell the XRP price throughout the trading history, we fixed on the chart.
By the end of 2017 and early 2018, XRP began to actively grow in the pair against the dollar, along with the parabolic growth of bitcoin. Then XRP enthusiasts were confidently waiting for Ripple per $10. Arguments that this will not happen, only because if you multiply $10 by the Ripple issue, then the expected capitalization of XRP alone should be $1 trillion. It would double the total cryptocurrency market capitalization at its peak two times.
And of course, it didn't happen. All the hype news that called the XRP price up were not implemented.
In September 2018, PNC Bank successfully completed the pilot phase of testing the xCurrent system and even provided services to several clients with its help. The news was distorted as best they could. They wrote that xCurrent is a smooth transition to the second solution of Ripple - xRapid.
But as you understand or remember, a miracle did not happen... the cost of Ripple was gradually but surely falling.
In March 2020, the value of XRPUSDT fell to $0.105 hitting the mirror Fib level, which was previously by squeeze tested for strength in 2016.
Then XRP grew for 9 months along with the crypto market, the value increased by 700% from the bottom, and the last impulse was fueled by the promised Spark airdrop. But as we warned in our XRPUSDT idea series: "Don't get fooled." When someone promises a freebie, it means he earns many times more on it.
The increased volume of "easy money" purchases gave a great chance to sell off to large XRP holders who knew for sure that clouds were gathering over Ripple. Because, literally in 2 weeks, the SEC filed a lawsuit against Ripple, and its value began to fall like a stone to the bottom. Most of the trading and information crypto platforms have started to refuse support for Ripple.
In the XRPBTC pair, -40% remains to fall to the historical bottom. If Bitcoin remains +/- at the current price level, then the value of XRPUSD may fall to $0.146 or even to $0.10. And if this happens, then a global figure of H&S can be formed.
If this happens, and Bitcoin starts a correction or much worse a sharp fall down, then it's scary to even imagine what will happen to the XRP price. Because the historical liquidity in the XRPUSDT trading pair is seen in the zone $0.025-0.040 and very low in the zone $0.006-0.008.
We hope that such pessimistic forecasts will not come to fulfillment. And the negative news background around Ripple is created so that the "big guys" can successfully buy XRPUSD at $0.10-0.146. _______________________________ Since 2016, we have been analyzing and trading the cryptocurrency market. We transform our knowledge, trading moods and experience into ideas. Each "like under the idea" boosts the level of our happiness by 0.05%. If we help you to be calmer and richer - help us to be happier :)
for sure fundamentals don't look good for ripple, but a short term rejection from this support is still possible, even a retracement to the 38.2 of the weekly impulse is very possible, but yes overall another push down should come I agree
"In the XRPBTC pair, -40% remains to fall to the historical bottom.
If Bitcoin remains +/- at the current price level, then the value of XRPUSD may fall to $0.146 or even to $0.10.
And if this happens, then a global figure of H&S can be formed.
If this happens, and Bitcoin starts a correction or much worse a sharp fall down, then it's scary to even imagine what will happen to the XRP price.
Because the historical liquidity in the XRPUSDT trading pair is seen in the zone $0.025-0.040 and very low in the zone $0.006-0.008."
@P_S_trade, I meant to say that XRPBTC moves opposite to BTC price right? so whenyou mention that XRPBTC pair has -40% remains to fall to historical bottom, which means BTC will in turn rise by 40% correct?
Secondly what do yo umean by +/- at the current level?
JermaineKing
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@tae9141, he's saying technically, xrp still has about 40% downside left to go compared to btc to reach the absolute bottom before xrp had the bull run in march 2017. that 40% takes xrp down to about .10-.14 cents today. BUT if btc has its correction if/before xrp goes on a bullrun, btc can drag it down even further where there is little to no liquidity at those prices.
in other words, if xrp doesn't get its shyt together before btc correction, it'll be very very bad for xrp.
tae9141
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@JermaineKing, which you think it will not shyt and there will be massive breakdown in price?..
Legend_yy_chazali
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What is your though on this idea
Tomateee
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@Legend_yy_chazali, chances are high XRP will drop further a small bounce is possible tho. I also noticed the 4-hr bullish divergence.
Legend_yy_chazali
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@Tomateee, yeah that is clear but i am just expecting the drop to be liquidity grap