- Jacob Canfield, a crypto analyst, readjust XRP prediction from $0.19 to $0.1.
- Ripple struggles to stay above $0.18 support but the focus remains on $0.20.
Ripple sustained acute losses in two consecutive days this week. The losses seem unstoppable according to the 10% loss shown on CoinMarketCap. The cryptocurrencies live rates by FXStreet display a market that is recovering with XRP trading 2.83% higher on the day. The fundamentals are, however, still weak. For example, the trend is bearish while the volatility keeps on shrinking.
Meanwhile, Jacob Canfield, a crypto analyst says that the devastating plunge in XRP price has the potential to carry on towards the end of 2019. In April, Canfield predicted XRP’s drop to $0.19. However, he says that his predicted has been adjusted to $0.1. He explained:
“I cannot tell you how many friends and family members I saved from buying XRP in 2018 and 2019. It has to be in the hundreds. My answer of when to buy has always been *maybe* $.10 to $.15, but even then I would be cautious. This has to be my proudest achievement of 2019.
Originally, I gave $.19 – $.21 back in April when price was hovering around $.40. I then revised it after I saw the parabolic downtrend to $.10 to $.15.”
Ripple technical analysis
As reported in the market update, XRP plunged to new 2019 lows at $1789 before reversing sharply to $0.1872 (market value). The RSI ongoing upward trend suggests that Ripple price action could continue in the direction of $0.20. Further upward movement could come face to face with the resistance at the 50 SMA on the 2-hour chart. As long as XRP stays above the support at $0.18 and focuses on breaking $0.20 resistance, the investors have a higher chance of seeing gains towards $0.30.
XRP/USD 2-hour chart
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