The crypto market looks pretty bloody today, with the most important digital assets trading in the red.
Bitcoin (BTC) dropped towards $10k and dragged the altcoins with it.
Ripple’s digital asset had an uneven week, but it finished it on a good note according to CMC.
At the moment of writing this article, XRP is priced at $0.311958 on CMC, and the coin is trading in the red just like the other cryptos.
Optimistic forecasts on the horizon
Despite a lot of ups and downs for the major digital assets, things are looking better in the long run, according to the latest expert opinions.
Due to some massive pressure, the price of XRP eventually declined a lot against Bitcoin.
According to Smartereum, the price of XRP traded well under $0.35 area. XRP even testes the $0.31 support level.
“The price of XRP is currently trying to move out of the tight price range of $0.32. XRP price may take a little more time to push for a full come back from the diminishing bearish impact it has been under in the last week as the XRP is still under the $0.35 area and below the 50-day moving average.” The online publication writes.
XRP to move towards the next resistance levels
They also wrote that if the price of XRP is able to move above the $0.35 barrier it will also be able to get to the next resistance levels “at the $0.44, $0.46 and $0.48 positions. However, any further drop can push the price back to the support areas at the $0.25, $0.23 and $0.21 positions. The Stochastic RSI and RSI 14 indicators indicate a bearish signal.”
The publication also offered optimistic predictions for the price of XRP for 2020.
Smartereum noted that following the accumulation, the cryptos’ prices would rise a lot from the middle of 2020.
They base their prediction on the fact that key consolidation acts as a support area, and they use the BTC activity from 2012 through 2015 chart analysis as a reference point.
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