The fourth-ranked digital currency XRP is unable to make major moves and seems to have become stable at the trading mark of $0.18. After recording major lows in March due to the price crash, the coin has been able to recover some losses but it hasn’t succeeded to pull itself out of the macro downtrend where it is stuck for over 901 days according to an analyst.
Since March lows, XRP is up 50%
Ripple’s XRP is one of those digital coins that suffered a massive price crash in March and made price lows. Since that time, the coin is up by 50% and is currently holding at $0.18. However, the current trend for the coin is bearish in the market.
It has become difficult for XRP to come out of the $0.18 zone while trading stable in this area. Despite hard efforts from the coin, the price value of the token is trapped here. There is likely a chance that XRP may go down to $0.15 from this zone if it does not succeed to pull away from the bearish sentiment. The only way to do that is by coming out of the area where it is caught up at the moment.
XRP is in Macro downtrend for over 901 days, Can it pull out?
The last few years have not been fairly good for the fourth-ranked coin. XRP experienced a massive bullish rally in January 2018 when it scored its all-time high value of $3.84. But after that explosive rally, the coin could not show such a remarkable bullish rally and till that time, it has been registering lower highs.
According to an analyst, the cryptocurrency is in its macro downtrend for over 901 days and is about to hit the 1000 days milestone. He believes that the macro bearish trend for XRP has not ended yet. However, he is of the view that the coin can start a new bull cycle again if it reaches 1500 sats.
901 Days of lower highs. 99 left to hit 1000 sunrises + sunsets. It has been entirely left behind in the markets with each mini “alt season”
However. I think 1500 sats or .15c is an attractive long term entry that could provide a few hundred %.
A new cycle will begin pic.twitter.com/YYiRqBxEa7
— ₿ Pentoshi (@Pentosh1) June 26, 2020
After hitting its all-time high value, the coin hasn’t touched that level again. XRP is not the only one who has not retested its all-time high value but like other digital coins, it has not been able to recover much.