Source: Yahoo Finance
The adage ‘when it rains, it pours’ is befitting for Ripple this season. It was recently sued by the U.S. Securities Commission (SEC) for illegal sales of securities. Following the news, two major exchanges, Coinbase and OKCoin have recently announced that they would be delisting Ripple from their exchanges.
XRP/USD recorded the largest one-day percentage loss since Dec 23, with a loss of 21.63%.
With that, XRP’s market cap of the total cryptocurrency market cap has been reduced to 1.51%, or $10.9 billion. In comparison, at its peak, XRP held a market cap of $31.6 billion.
Analyst predicts that XRP/USD can drop further, given the fact that it has now dipped below an upward sloping trend line from March 13. This is also supported by a bearish Moving Average Convergence Divergence (MACD).
The monthly low of 0.2120 will offer immediate support, with 0.200 being a psychological level to draw sellers. If the 0.1690 level is breached, 0.1130 will be the next key level to watch.
At the present moment, over 10 cryptocurrency exchanges have delisted XRP/USD from their exchanges, despite assurances from Chief Executive Officer Brad Garlinghouse that the company intends to relocate to the U.K.
Should this trend continue, XRP/USD could very well expect further downward momentum.
XRP/USD (as of Dec 29, 2020, 10 a.m., GMT +8) - $0.2319
Edited 29 Dec 2020, 10:09
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