For the first time in years, Ripple (XRP) gained momentum when it rose above $ 0.30 last month. The bulls have pushed the price up to $ 0.90 on some exchanges before encountering an influx of selling pressure. This rally gave investors an ideal exit opportunity in many cases. Due to the highly anticipated SPARK airdrop, there were also new capital withdrawals in XRP. According to experts, this is a “sell the news” thing because the price of XRP has been dropping since the airdrop snapshot took place.
Currently, XRP has dropped below the key support level of $ 0.50, despite the strength the rest of the market is seeing. This weakness has dealt a heavy blow to the previously emerging market structure, and disappointed traders and investors are taking action to make a profit. So, according to analysts, there could be a big sales wave soon. One popular trader points out that unless there is a catalyst for the change, XRP will again be the “worst performing main altcoin” on the market.
Luke Martin: Ripple may be “worst performing main altcoin” on the market
XRP is trading bearish at its current price. These lows are those at which the coin has been trading for the past few days. Previously there was a support of $ 0.50 preventing XRP from seeing any heavy drops, but that support is dropping rapidly. The selling pressure is so intense that XRP is currently recording sharp price movements. According to some analysts, dips could increase as there is no catalyst to allow XRP to see more gains.
Successful analyst Luke Martin evaluated the XRP market in his new analysis. According to the analyst, there could be a big sales surge in XRP soon. The popular analyst states that unless there is a catalyst for change, XRP will again be the “worst performing main altcoin” on the market. Luke Martin adds the following to his comments on the subject:
XRP HAS DROPPED 13% SINCE THE AIRDROP MADE THIS WEEK WAS COMPLETED. NOW XRP MAY BE THE WORST-PERFORMANCE MAIN ALTCOIN ON THE MARKET AGAIN.