The cryptocurrency market is on the downward trend at the moment. Ripple XRP and other cryptocurrencies, including Bitcoin (BTC), the largest digital currency by market capitalization, have recorded a host of price deficits in the last 72 hours. However, crypto analyst has recently pointed that Ripple XRP/USD and XRP/BTC will soon synchronize to test $0.62.
The crypto sphere is actually on low key, due to the consistent downward trend it has been experiencing few days ago, but latest look in the market may be signalling recovery. Ripple XRP had touched $0.49 mark before the devastating fall to under $0.4.
The impact of Bitcoin market dominance still tells a lot on majority of the digital currencies, especially the top 20 coins. Initially, there was high hope of consistent upward trend, due to the extent of the growth of BTC, but it seems the hope is getting battered at one end.
In the middle of the then parabolic upsurge, some analysts remained resolute that the market would still slope down. They foretold that the plummet could be shocking, since it would come unexpectedly.
Indeed, a notable price correction ended the euphoria of the parabolic trend, which negatively impacted the price of Ripple XRP. The cause of the distinct plummet across board is just a topic of discuss but no one could actualise the major cause.
Ripple XRP is currently trading below $0.4 resistance level but there are still means for improvement if we must put the deductions of some crypto analysts into consideration. The cryptocurrency could edge other digital assets in its chain, due to its embedded utilities, global exposure and capital institutions acceptance.
Howbeit, Ripple XRP could be a bit slow in attaining its expected peak, but there are indications that the digital currency would get there eventually. At press time, XRP is trading at $0.39, with about 4% price drop in the last 24 hours.
Analyst Says Ripple XRP/USD and XRP/BTC Would Synchronize to Test $0.62
CryptHawk, a crypto analyst and trader has recently analysed the price movement of Ripple XRP as the market is steadily on downward trend.
CryptHawk inferred his sentiment from three charts he captioned in a tweet. He claimed that XRP/USD still remains solid irrespective of the market situation, averring that once XRP/BTC could retrace a bit, the two pairs would synchronize to test $0.58 – $0.62.
He said “XRPBTC is not over yet, should reach 1.618/1.886. XRP USD pair is solid, support held. Waiting for the BTC pair to top and retrace a bit before both synchronize to test $0.58-62 (see the numbers / fibs never change whatever the level is).”
CryptHawk pointed in another tweet that XRP/USD could retest $0.42 anytime soon, giving to the indications in the captioned chart.
He said “XRP USD pair – 0.42 retest anytime soon! Small bull div forming, probably resistance retest. If it can stay between the 2 orange lines we could retest 0.43 / MA200”