A popular crypto analyst is outlining his key levels of resistance for XRP as the crypto asset risks dropping behind Litecoin in market cap.
The pseudonymous analyst, known in the industry as Credible Crypto, tells his 91,000+ Twitter followers that XRP investors should watch to see if XRP breaks below $0.215. The asset is trading around $0.236 at time of writing, according to CoinMarketCap.
“As per my recent video update, we were likely to see a rejection at the $0.25-$0.30 level.
We have more clarity from a wave perspective now. My short term bias on XRP will be based on which of these two levels is broken first. Bullish on a break of $0.267, bearish on a break of $0.215.”
XRP’s price has plummeted by about 50% since the U.S. Securities and Exchange Commission (SEC) filed a case against Ripple in late December alleging the San Francisco payments company has engaged in illegal securities offerings of the asset since 2013.
XRP, the fourth-ranked digital asset by market cap, briefly fell to fifth this past weekend as Litecoin (LTC) surged in price.
XRP has since regained its fourth-place spot, though its market cap remains less than $500 million more than Litecoin’s at time of writing, according to CoinMarketCap.
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inboxFollow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/lassedesignen
