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XRP’s Descending Journey — What’s Happening in February 2020?

Denis Goncharenko

Ripple was one of the worst-performing cryptocurrencies in 2018 and 2019. However, the coin has managed to start 2020 off with quite the trend. It has managed to overcome its all-time-low for the past two years of $0.183 by a significant margin as we speak. XRP is currently sitting at $0.251 with the potential to finally reach the $0.261 resistance levels that most hodlers have been hoping for.

However, this does not necessarily give the coin too much room to work with as there are support levels trailing very close behind the current consolidation. This is quite a usual case for poorly performing cryptos. It was the same for Stellar and TRON back when they reached their lowest price in 2019.

As of right now, XRP is facing a support level of $0.247 and a resistance of $0.261, which is quite close to each other. Should either of them fail, there’s only one way that XRP could go, and it’s down.

Experts from InvestingHaven have reviewed XRP’s 2020 performance so far and are saying that the coin has quite a lot of potential considering its bad history for the past 24 months. It’s likely for Ripple to continue shilling the currency on a completely different level than before, and hopefully help it reach its desired $0.5 evaluation by the end of Q1 of 2020.

Should Ripple fail to do so, it’s likely for most XRP hodlers to simply give up on the coin and transfer to more promising coins such as BTC or ETH.

How did XRP jump so quickly?

Experts predict that XRP finally managed to jump on the BTC hype that was caused by the US-Iran crisis and the subsequent humanitarian crisis in China due to the Coronavirus. During both of these cases, Bitcoin managed to jump significantly high and beat all of its resistance levels. Most traders were expecting other coins such as XRP to follow suit, and due to this anticipation, it was exactly the case.

When we take a look at the XRP charts, it’s almost obvious that it’s not a natural growth, but a hyped one created from all the BTC success. The angle at which XRP is growing right now is unsustainable, to say the least, but there is hope that it will become much more stable as the hype dies down.

Should the angle continue for the coming days, it’s almost guaranteed that XRP will face a hard crash jumping back down to the price when the hype began. That’s $0.202, which would be a serious loss for current bulls.

Should the slump be much harder, it’s likely to fall down further below $0.180 towards $0.173 the lowest.

What is the most realistic anticipation?

There are three ideas floating around the market right now. The first is the pessimistic one which predicts XRP to fall down to a $0.181 support level. The neutral one is for XRP to remain on its current trajectory towards $0.261 and the optimistic option is for XRP to reach $0.5 within the month.

The most realistic option out of all these three is the neutral one mainly based on the angle at which XRP is growing as we speak.

Image courtesy of The XRP Daily

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