New Bearish Cycle May Just Be Starting For XRP As Bitcoin Eyes New Low – Analyst Predicts

New Bearish Cycle May Just Be Starting For XRP As Bitcoin Eyes New Low – Analyst Predicts

For many years now, Bitcoin’s price is known majorly for driving the entire cryptocurrency market due to its larger share of the market volume. Currently, the entire cryptocurrency market cap is estimated at $191.4 billion with BTC dominance of $66.9%. With such a volume percentage, Bitcoin has high potency to cause a lot of pressure in the market.

Due to the low volatility in Bitcoin’s price over the past weeks, some altcoins have recovered significantly from their losses over the past months. Meanwhile, the major top crypto projects have been correlating with Bitcoin’s pattern for months. Apart from Ethereum, which follows the same direction with the leading coin, Ripple’s XRP is now under a lot of bearish pressure.

In fact, XRP, the third-largest cryptocurrency is almost losing another major price level of $0.20 following December 9 rejection at $0.25. According to JOKER, a crypto proponent on twitter, “it seems bulls are waiting for $0.12 -$0.17 levels”:

More so, JOKER shared his predictions on Bitcoin’s next major move, mentioning that BTC is currently below wedge support. He furthers emphasized that if $7000 support breaks, Bitcoin could head to $5300.

However, the bottom line is that if Bitcoin eventually breaks $7000 and finds a bottom at $5300, we should expect a quick recovery as soon as possible. If not, an accumulation cycle would take place for a while before price increases back.

For XRP, the usual slow movement is more likely to play out. But if the demand is heavy at $0.12 – $0.17 support levels, a sudden spike should be expected. As of now, new bearish setup is forming for Bitcoin and XRP.

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Author : Michael Fasogbon

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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.