The decrease would amount to an 86 percent drop from the current price. Let’s take a closer look at the price history and see how likely that is.
While I love XRP (and I do believe that it is superior to all other cryptocurrencies) if BTC falls to the 1000 range as I'm currently anticipating, I think XRP could simultaneously fall to 0.03. I hate to report that, but that's what the charts suggest, if BTC falls to 1000.— MAGIC (@MagicPoopCannon) November 28, 2019
Significant XRP Price SupportLooking at the logarithmic XRP price, we can see that the price is currently inside a strong support area at $0.22. Below, there is another support area at $0.14, followed by $0.06, created by the March 2018 highs and finally $0.03. Therefore, for the target to be reached, the XRP price would have to break down below three significant support areas. The main bearish indication for the XRP price is the broken ascending support line. The price validated it as resistance twice afterward. However, on a bullish note, there is a strong long-term bullish divergence in both the RSI and the MACD. Since this divergence is present in a higher time-frame, it often indicates that an upward move will follow. Furthermore, the daily time-frame shows that the XRP price is following a descending support line. Additionally, the daily RSI is at 23. The only time it was lower was during August 13, when a rapid upward move followed soon. Therefore, while it is possible that the price continues to decrease at the rate predicted by the descending support line, a breakdown seems unlikely. To conclude, we do not believe the XRP price is likely to fall to $0.03. While the possibility is there, especially if Bitcoin goes to $1000, that also seems unlikely.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.