Ripple’s XRP Is In The Middle Of A Push For A New Rally

XRP is in the spotlight again during this bearish trend that fell over the crypto market these days.

XRP’s price may fall lower

Crypto analyst and BlockTV reporter Joe Saz said that he believes Ripple’s digital asset XRP may be facing a fundamental market weakness that will continue to drive the price of XRP even lower than it is now.

XRP is currently trading in the red on CMC and the coin is priced at $0.267346.

Uncertain future for XRP

On a new episode of Trader’s Take, Saz says the future of XRP is facing a “whole heap of what-ifs.”

“We’re trading below what was a very long-standing set of trend lines right here [at $0.28]. That was all the way back to December of 2018. We broke it violently and this is what’s really got me going crazy right now.”

Saz continued and said that “I see this massive attempt to break the trend of lower highs and trying to get into more of our channel that XRP has historically fallen back to even after breaking into other areas. This has been a pretty nice channel for a long time in terms of stability and a place where you can believe XRP will return to eventually…”

Saz also said that now, we have a “descending volume going into a pennant formation, with equal possibilities on both ends of that spectrum.”

At the moment, Saz is bearish. We recommend that you head over to the Daily Hodl’s original article to learn more details.

UPU cites the adoption of XRP

The United Nation’s Universal Postal Union (UPU)  revealed a report which cited the potential adoption of cryptos like XRP.

This report highlighted the enhancing digitization of postal services around the world, and it’s more than obvious these days that cryptos can lower consumer costs.


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CoinMarketCap
CoinMarketCap

CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.

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Andreas Townsend Author

I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.

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