{"id":421096,"date":"2020-04-17T17:30:04","date_gmt":"2020-04-17T17:30:04","guid":{"rendered":"https:\/\/wncen.com\/?p=421096"},"modified":"2020-04-17T17:12:02","modified_gmt":"2020-04-17T17:12:02","slug":"xrp-reclaims-downtrend-line-after-false-breakout-whats-next","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/xrp-reclaims-downtrend-line-after-false-breakout-whats-next\/","title":{"rendered":"XRP Reclaims Downtrend Line After False Breakout, What’s Next?"},"content":{"rendered":"

XRP<\/a> has continuously struggled for the last two years, unable to break free from downtrend resistance and recover any lost gains from the asset’s previous peak.<\/p>\n

But the altcoin commonly called Ripple has recently reclaimed the downtrend line from all-time high, after a false breakout and subsequent collapse. now that the important level has been reclaimed, what’s next for the number three cryptocurrency by market cap?<\/p>\n

XRP Reclaims Downtrend Line, Following Record Market Collapse<\/h2>\n

XRP<\/a> has been among the worst-performing altcoins over the last two years of a bear market. After the asset reached an all-time high in December 2017 at over $3.50, Ripple fell over 90% to just ten cents at the low this past month, following a major panic-driven selloff<\/a>.<\/p>\n

Prior to the collapse, XRP had broken out from a down trend line stemming from all-time high that’s acted as resistance throughout the bear market.<\/p>\n

Related Reading | Ripple Poised to Triple By Q4 2020 After XRP Forms Classic Bottom\u00a0<\/a><\/strong><\/em><\/p>\n

The breakout was harshly rejected by the coronavirus fears spiraling out of control, causing the asset to drop from over 30 cents to ten at the low.<\/p>\n

The previous breakout was nothing more than a false breakout<\/a>, which was pushed back below resistance. However, XRP<\/a> has reclaimed that line that was lost this past March, and now that it has, crypto investors are wondering what’s next for Ripple.<\/p>\n

\"xrp<\/p>\n

Crypto Investors Are Too Afraid to Buy Breakout After Previous Rejection<\/h2>\n

Reclaiming such an important line is significant for XRP’s much-needed recovery.<\/p>\n

Alth0ugh XRP<\/a> is now resting on the line, now acting as support instead of resistance, because the last false breakout<\/a> was so devastating, few are actually buying this latest breakout.<\/p>\n

Related Reading | Historically Accurate TD9 Indicator Says XRP is Set to Face Brutal Pullback\u00a0<\/a><\/strong><\/em><\/p>\n

The crypto market fear and greed index has now reached its largest stretch of extreme fear in the tool’s history, and dwindling trading volumes show just how afraid crypto investors are to take the plunge into the high-risk asset class right now, with so much fear in the air.<\/p>\n

The coronavirus has had such a dramatic impact on the overall economy, that no assets have been safe from the selloff it has been causing, not even safe-haven assets like gold and other precious metals.<\/p>\n

Oil prices have reached 18-year lows, stock markets have been set back years of growth, and cryptocurrencies are struggling to trade at levels from just a month prior.<\/p>\n

Investors are afraid, and rightfully so. A recession may be on the way, so investors are cashing out to protect wealth and prepare for the coming storm.<\/p>\n

But its hard assets like cryptocurrencies such as XRP<\/a> that are likely to thrive in the coming recession, giving the asset class a chance to shine once again.<\/p>\n

Featured image from Pixabay<\/pre>\n","protected":false},"excerpt":{"rendered":"
XRP has continuously struggled for the last two years, unable to break free from downtrend resistance and recover any lost gains from the asset’s previous peak. But the altcoin commonly called Ripple has recently reclaimed the downtrend line from all-time high, after a false breakout and subsequent collapse. now that the important level has been reclaimed, what’s next for the number three cryptocurrency by market cap? XRP Reclaims Downtrend Line, Following Record Market Collapse XRP has been among the worst-performing altcoins over the last two years of a bear market. After the asset reached an all-time high in December 2017 at over $3.50, Ripple fell over 90% to just ten cents at the low this past month, following a major panic-driven selloff. Prior to the collapse, XRP had broken out from a down trend line stemming from all-time high that’s acted as resistance throughout the bear market. Related Reading | Ripple Poised to Triple By Q4 2020 After XRP Forms Classic Bottom\u00a0 The breakout was harshly rejected by the coronavirus fears spiraling out of control, causing the asset to drop from over 30 cents to ten at the low. The previous breakout was nothing more than a false breakout, which was pushed back below resistance. However, XRP has reclaimed that line that was lost this past March, and now that it has, crypto investors are wondering what’s next for Ripple. Crypto Investors Are Too Afraid to Buy Breakout After Previous Rejection Reclaiming such an important line is significant for XRP’s much-needed recovery. Alth0ugh XRP is now resting on the line, now acting as support instead of resistance, because the last false breakout was so devastating, few are actually buying this latest breakout. Related Reading | Historically Accurate TD9 Indicator Says XRP is Set to Face Brutal Pullback\u00a0 The crypto market fear and greed index has now reached its largest stretch of extreme fear in the tool’s history, and dwindling trading volumes show just how afraid crypto investors are to take the plunge into the high-risk asset class right now, with so much fear in the air. The coronavirus has had such a dramatic impact on the overall economy, that no assets have been safe from the selloff it has been causing, not even safe-haven assets like gold and other precious metals. Oil prices have reached 18-year lows, stock markets have been set back years of growth, and cryptocurrencies are struggling to trade at levels from just a month prior. Investors are afraid, and rightfully so. A recession may be on the way, so investors are cashing out to protect wealth and prepare for the coming storm. But its hard assets like cryptocurrencies such as XRP that are likely to thrive in the coming recession, giving the asset class a chance to shine once again. Featured image from Pixabay<\/p>\n","protected":false},"author":517,"featured_media":421117,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[6664,7920,3680,4531,10972],"class_list":["post-421096","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-crypto","tag-recession","tag-ripple","tag-xrp","tag-xrpusd"],"acf":[],"yoast_head":"\nXRP Reclaims Downtrend Line After False Breakout, What's Next?<\/title>\n<meta name=\"description\" content=\"XRP has continuously struggled for the last two years, unable to break free from downtrend resistance and recover any lost gains from the asset's previous\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"XRP Reclaims Downtrend Line After False Breakout, What’s Next?","url":"http:\/\/wncen.com\/news\/xrp-reclaims-downtrend-line-after-false-breakout-whats-next\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/xrp-reclaims-downtrend-line-after-false-breakout-whats-next\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/xrp-false-breakout-race-801940_1920.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/xrp-false-breakout-race-801940_1920.jpg?fit=1920%2C966"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["crypto","recession","ripple","xrp","xrpusd"],"dateCreated":"2020-04-17T17:30:04Z","datePublished":"2020-04-17T17:30:04Z","dateModified":"2020-04-17T17:30:04Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"XRP Reclaims Downtrend Line After False Breakout, What’s Next?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/xrp-reclaims-downtrend-line-after-false-breakout-whats-next\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/xrp-reclaims-downtrend-line-after-false-breakout-whats-next\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/04\\\/xrp-false-breakout-race-801940_1920.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/04\\\/xrp-false-breakout-race-801940_1920.jpg?fit=1920%2C966\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"crypto\",\"recession\",\"ripple\",\"xrp\",\"xrpusd\"],\"dateCreated\":\"2020-04-17T17:30:04Z\",\"datePublished\":\"2020-04-17T17:30:04Z\",\"dateModified\":\"2020-04-17T17:30:04Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/xrp-false-breakout-race-801940_1920.jpg?fit=1920%2C966","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/421096"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=421096"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/421096\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/421117"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=421096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=421096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=421096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}