Ripple is Going to Zero as XRP Price Plummets 12% While This New XRP Coin Raises $1.1 Million – 1,000x Potential Soon?
While the landmark ruling in the Ripple vs SEC case have sent waves through the crypto market, XRP price action has faced a disappointing bleed-out.
High expectations of XRP breaking $1 seem to be crushed, as XRP's downside slide enters its 21st day.
The downward momentum has left XRP trading relatively low, at a current price of $0.61 (a 24-hour change of -1.09%).
Rejection from a local high at $0.93 seems to have triggered a catastrophic downside move, despite a fleeting attempt at recovery (+27%) in July.
XRP's retracement move has now sunk -34% underwater since the local high, and critically dropped through a possible support level afforded by the 20DMA on July 30 - with no signs of slowing down.
The 20DMA represents a key opportunity missed, with the crucial foothold having formed the basis for technical structure before the Ripple vs SEC ruling.
With price now attempting to consolidate -11.8% below the 20DMA, above a potential support level at $0.60, XRP holders are now wondering if price action is destined to touch the 200DMA at $0.49.
As technical structure weakens, Ripple's indicators are showing mixed signals, with the MACD signalling bearish divergence at -0.0184.
One reason to be cheerful emerges from the RSI, which has cooled off significantly for the first time since the July 13 ruling, with a bullish oversold signal emerging at 40.5.
With upside potential limited to the 20DMA at $0.7 (+13.4%), and downside risk limited by strong support from the 200DMA at $0.49 (-20.6%) - XRP's risk: reward profile is weak.
Ripple's current risk: reward ratio is dominated by downside risk at 0.65, suggesting price could fall further yet.
But while steadfast banks of XRP holders are on the edge of their chair, more intrepid bag
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