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In the past week, there was a short period of time, in the many Altcoins, Bitcoin could surpass. Nevertheless, Ripples XRP, and the Rest of the market for crypto started currencies, the market leader, once again, to below.
Analysts expect this Trend to continue, especially since crypto-currencies such as Ripples XRP frightening technical signs pointing to the upcoming may indicate downward trend.
A total of Altcoins printing a bearish fundamental character, what the expectations of a more downward movement in the coming weeks.
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Ripples XRP trade under two key Support levels
The recent inability of Ripples XRP to keep up with Bitcoin step, pressed the crypto currency below key support levels, such as a Top Analyst suggests.
Josh Olszewicz crypto analyst at Brave New Coin – recently shared the diagram below. Accordingly, XRP/BTC trade under two main levels: the exponential 200 day moving average and a horizontal support zone which has held in the past year.
The Analyst is not a forecast, but points out that Ripples XRP from its current Trading point could fall much deeper.
Olszewicz jokingly as a response to the chart:
“XRP:DOGE has soon achieved parity?”
The Analyst refers to the risk that the Altcoin when Bitcoin price on Dogecoin falls level. This would lead to a decrease of well over 90% from the current market level.
Trading view Chart of XRP/BTC, commented on and shared by Brave New Coin-Analyst Josh Olszewicz (@CarpeNoctum on Twitter).
The scepticism of the Chart of Ripples XRP is shared by other market participants.
Mohit Sorout – a founding partner of crypto-investment Fund Bitazu Capital has indicated at the beginning of the month, a similar bearish Position, pointing to the loss of horizontal support:
“XRP collapsed after a year of long distance. Short of 2200. Wouldn’t be surprised to see it before the end of June in the year 1500“
All the Altcoins fall
Ripples XRP may be the main topic of this article – however, all Altcoins will fall according to analysts, in the coming weeks and months, due to fundamental factors.
The senior technical Analyst of the crypto-research company Blockfyre about, recently said that “Altcoins (as a Whole) would be really difficult” to move forward.
“ETH controls to a level not seen since 2016. LTC Trading below the prices of 2014-2016. XRP to controls on levels of 2014, 2016 and 2017. The Old market looks like he might capitulate soon. The worst seems to still lie ahead of us, but after that, enormous opportunities are likely to arise“
To the question of why this is the case, said Jeff Dorman – CIO of crypto-hedge Fund, Arca and a former Trader at firms such as Lehman Brothers and Merrill Lynch – that is the fact that all Altcoins have fallen last week, with Bitcoin, is not a sign that many of them investable assets.
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