The latest Ripple news are showing another disappointment for analysts and traders. Today, the Ripple XRP price is down and below $0.20 which was the key level to watch out for and a key support level as well. The XRP/BTC trading pair broke through another important support level yesterday which led to Ripple (the company) to be called out on Twitter by the veteran chart analyst Peter Brandt.
Brandt shared a chart that showed how the Ripple XRP price is down and has fallen below the long-standing support level at BTC 0.00002060. He indicated that Ripple “has blown the wad allocated to support XRPBTC,” and pointed out to a likely next level of support for the token found at around BTC 0.0000194.
Looks like Ripple Labs @Ripple has blown the wad allocated to support XRPBTC at .00002060 to .0002075 levels. If ice-line cannot be reclaimed, look for new support at .0000194 on way to .0000145
Hey, I’m just a boomer who hates XRP pic.twitter.com/L0wL3TA1s3— Peter Brandt (@PeterLBrandt) June 10, 2020
However, XRP is not the only token that is suffering in the latest cryptocurrencies news. Even Bitcoin (BTC) took a beating and now stands around the $9,600 level. Still, XRP is one of the worst performing coins in 2020 and may have a downside of about 30% from the current levels before it reaches the first line of major support.
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If the predictions for the next support turn out true, it would take XRP back to price levels. The Ripple XRP price is down and the momentum is very weak. But if the downtrend continues, we may see XRP levels which have not been seen since December 2017 after the decline of more than 90% in the price of Ripple since its all-time high.
The daily price movements for XRP/BTC. (Source: TradingView)
While Brandt noted that he “would never again post a chart of XRP” earlier this year, he also took the time to explain why he did that now – tweeting “I know, broken promise. But I just cannot stand not taking a shot at XRP when it deserves to be shot at.”
Other people also joined the discussion and supported the veteran trader. As the Ripple XRP price is down, one user said that XRP is “the worst investment I’ve made,” and others called it “the biggest let down in the crypto space for 2.5 years.”
Ya, I know, broken promise. But I just cannot stand not taking a shot at XRP when it deserves to be shot at.
— Peter Brandt (@PeterLBrandt) June 10, 2020
At press time, the Ripple XRP price is down by 4.35%, extending its losses and trading at $0.1927 right now.
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