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Trader Predicts Ripple to Dump by 60% Against Bitcoin Before It Moons

Kiril Nikolaev
Ripple (XRP/BTC) is down 66% YTD. An analyst on Twitter predicts that it will fall further before launching a massive parabolic rally. | Source: Shutterstock

Ripple is having a horrible 2019 against bitcoin. The Standard (Ripple) as known in the crypto community is down by over 66 percent against the leading cryptocurrency year-to-date. Ripple is so weak that it already posted seven consecutive red candles on the monthly chart. Unfortunately for the No. 3 cryptocurrency, it appears that its winter won’t be letting up anytime soon.

That’s according to an analyst who goes by the name of Livercoin on Twitter. The forex and cryptocurrency trader foresees the persistence of the bear market for Ripple in the coming weeks. According to Livercoin’s tweet, Ripple would revisit its historical support before launching a massive parabolic rally.

Relief Rally First Before the Huge Dump

The 2019 bear market has driven Ripple into oversold conditions in both the weekly and daily time frames. Thus, it is not surprising to see someone calling for a relief bounce before the next leg down.

However, Livercoin’s prediction of a dead-cat bounce doesn’t stem from oversold conditions. The trader’s analysis appears to be based on the fractal that you can see on the left-hand side of the screen.

Livercoin XRP chart

Read the full story on CCN.com.