Strategists are tracing the path of XRP as Coinbase officially hits the pause button on all trading of the fifth-largest crypto asset by market cap.
The pseudonymous analyst DonAlt tells his 174,000 Twitter followers that crypto traders at large don’t see a buying opportunity despite the coin’s massive decline.
“A lot of people DMing me about XRP. Ignoring all the fundamentals, focused on the technicals.
1) Current bounce is beyond pathetic, no one jumping at the opportunity to buy 80% discounted XRP
2) Below cycle low
3) Bearish market structure.
Above red maybe, below? No way.”
Fellow analyst Credible Crypto is far more bullish.
The trader tells his crew of 96,000 followers XRP has a clear path from its current price of $0.29 to at least $0.38 after bouncing off support.
“Took a bit longer than expected but doesn’t really get much cleaner than this.”
XRP’s dramatic drop began after the U.S. Securities and Exchange Commission lobbed a historic lawsuit against the San Francisco-based payments firm Ripple.
The SEC accuses Ripple of violating federal securities laws by selling XRP cryptocurrency to retail consumers.
Ripple is reportedly preparing to show its business model does not depend on XRP, contend that news stories on Ripple have not impacted the price of XRP, and demonstrate that the current liquidity of XRP has nothing to do with the company.
A pretrial hearing on the case is set for late February.
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