Ripple Price Analysis: XRP Doomed to Tumble to $0.2- Petition To Stop Price Manipulation Builds

By John Isige
Published August 26, 2019 Updated August 26, 2019
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Ripple Price Analysis: XRP Doomed to Tumble to $0.2- Petition To Stop Price Manipulation Builds

By John Isige
Published August 26, 2019 Updated August 26, 2019
  • $0.28 and $0.30 levels have become impenetrable forcing XRP to remain vulnerable to declines.
  • XRP holders believe the increase of XRP sales by Ripple is contributing to the bad performance of XRP in the market.

Ripple’s XRP has been forced to ensure extreme selling activity in the past couple of weeks. For the first time in 2019, XRP dived to lows around $0.2375 (below the lows posted in the late 2017). While recovery has been staged, the upside is laced with areas of high seller congestions. For instance, $0.28 and $0.30 have become impenetrable forcing XRP to remain vulnerable to declines.

Amid this these losses and reduced buying activity are cries from the community. XRP holders have been spooked by the alarming dumping of tokens in the market by the issuing company Ripple. Particularly, the community did not receive well the 1 billion XRP donation made by Ripple to Coil.

The situation has warranted the formation of a petition to stop Ripple from ‘dumping’ tokens which according to holders is leading to declines in the price of XRP. Ripple owns the largest share of XRP supply and periodically sales the tokens. However, it is not directly linked to the performance of XRP on the market.

On the contrary, the community of XRP holders believe the increase of XRP sales by Ripple is contributing to the bad performance on the market. Similar sentiments have been shared by industry leaders like Peter Brandt linking Ripple to XRP bad performance.

The petition has already collected 2,000 signatures but seeks to collect more than 10,000 signatures. What will happen after the signatures have been not been disclosed by investors can sign it on Change.org.

XRP Technical Picture

According the 4-hour chart, XRP/USD is poised for declines in the short-term. Limiting the movement north is the 100 Moving Average and the descending trendline. The resistance at $0.28 continues to make recovery above $0.38 a nightmare.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Technical levels are leaning towards a bearish trend starting with the Moving Average Convergence Divergence (MACD). The MACD has a negative divergence suggesting rising selling pressure. The RSI signals rising selling activity as well following the retreat from the overbought.

XRP Technical Levels

Spot rate: $0.2696

Relative Change: 0.000177

High: $0.2804

Low: $0.2670

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1154 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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