Strategists are following the path of XRP as Coinbase officially hits the pause button for all trading in the fifth largest crypto asset by market capitalization.
Pseudonymous analyst DonAlt tells his 174,000 Twitter followers that crypto traders in general see no buying opportunity despite the coin’s massive decline.
“A lot of people told me about XRP. Ignore all the basics and focus on the technical details.
1) The current jump is more than pathetic, no one is taking the opportunity to buy 80% off XRP
2) Below the cycle low
3) Bearish market structure.
Maybe red above, below? Under no circumstance.”
Analyst Analyst Credible Crypto is far more optimistic.
The trader is telling its 96,000-strong crew that after bouncing off support, XRP has a clear path from its current price of $ 0.29 to at least $ 0.38.
“Took a little longer than expected, but it doesn’t get much cleaner.”
XRP’s dramatic decline began after the US Securities and Exchange Commission filed a historic lawsuit against San Francisco-based payment firm Ripple.
The SEC accuses Ripple of violating federal securities laws by selling XRP cryptocurrency to retail customers.
According to reports, Ripple is preparing to show that its business model does not depend on XRP, claim that news about Ripple did not affect the price of XRP, and show that XRP’s current liquidity has nothing to do with the company Has.
A pre-trial hearing on this case is scheduled for late February.
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Featured image: Shutterstock / Sylverarts Vectors