The crypto market has once again entered a downward trend. This has become the norm in recent days. XRP and other cryptos, including Bitcoin, the largest digital asset by market cap, have recorded a number of price drops in the past 72 hours at least. While this has been a cause for concern in the space, one crypto analyst has pointed that the XRP/USD pair and XRP/BTC pair will soon synchronize and test the $0.62 level soon.
The crypto sphere has actually been on a low key, because of the consistent downward pattern it has been experiencing in the past few days. Now, the latest look into the market action may be a sign of a recovery. XRP had initially touched the $0.49 mark before it went through the devastating fall to trade at $0.4.
Bitcoin’s Market Dominance Still Covers a Large Number of Digital Currencies
It is no secret that the impact of BTC’s market dominance tells a lot about the majority of digital currencies. This is true with most of the top 20 cryptos. Initially, there was actually a high hope of consistent upward price action. This was as a result of the extent or rate of the growth of the BTC price. It also appears like the hope is being battered via one end.
At the center of the past parabolic price upsurge, some crypto analysts remained resolute regarding the market’s prospects. They held that the market would slope down more. They also foretold that the price drop could be a shocking one since it could happen unexpectedly.
Indeed, the notable price correction for XRP squashed the euphoria of a parabolic trend. This negatively impacted XRP price. The cause of that particular distinct price drop across the board is just another topic of discussion. Although, no one could actually tell what the major cause was.
XRP Price Prediction 2019: XRP is Currently Under the $0.4 Resistance Position
XRP is now trading below the $0.4 resistance position. Although, there’s still room for improvement if we have to consider the predictions of some crypto analysts. The crypto could edge other assets in its chain, because of its embedded utilities, and global exposure as well as capital institutions acceptance.
XRP could be slow in trying to attain its expected peak position. Although, there are indications that it will get there in the end. As of press time, the price of XRP is trading at the $0.39 level, with a 4% price loss in the past 24 hours.
XRP Price Prediction 2019: XRP/USD To Retest $0.42 Any Moment From Now
According to CryptHawk, a crypto trader and analyst who recently analyzed XRP’s movement as the market steadily entered a downtrend, XRP will soon retest $0.42.
CryptHawk gave his opinion based on sentiment from three different charts via a tweet. He claimed that the price of XRP still remains solid despite the market’s current situation. He believes that once XRP/BTC retraces partially, both pairs will synchronize and test the $0.58 and $0.62 positions.
CryptHawk also pointed via another tweet that the XRP/USD pair could retest the $0.42 because of the indications in the charts. Whether these predictions will come to light or not remains to be seen. For now, it is pure speculation.