The weekends are always the worst when it comes to investing in cryptocurrencies. Since markets are open 24/7, traders can open or close their positions anytime from anywhere. When the markets are crashing, most traders don’t like to bother and simply liquidate their positions. For Ripple specifically, despite the advancement in the SEC lawsuit, XRP prices crashed hard. Why is XRP down? Will XRP reach 20 cents? Let’s analyze in this XRP price prediction article.
XRP prices crashed more than 7% – what happened?
XRP was consolidating beautifully inside a sideways channel delimited by a price of $0.38 and $0.44. Prices reached the lower trend line and were expected to bounce back higher to reach the upper limit. However, the current market crash changed the direction of XRP prices.
With Bitcoin crashing to lower than $30,000 and Ethereum lower than $2,000, XRP also had its fair share of crashes. Its prices went from $0.40 to the current price of around $0.36, breaking the important support price of $0.38. This break is very risky, as it signals lower prices if the market continues to be bearish, which is the current case.
XRP Price Prediction – Will XRP price reach 20 cents?
Back in 2017, the 20 cents price area represented a very strong resistance to the XRP price. It took XRP a while before it managed to break it higher and continue on its uptrend. Today, as XRP prices crash back lower, many traders are considering XRP to reach this price again.
If the entire crypto market continues to crash, XRP price is likely to reach 20 cents very soon. However, there’s a support area before the 20 cents, which is the 30 cents, another psychological price. XRP price is expected to keep crashing to reach $0.30 first, then if the market continues to crash, reach $0.20. In figure 2, we can clearly see how those specific areas acted as resistances for the XRP price.