The altseason is yet to surface or give any signal as most altcoins remain in red with the like of Ripple XRP lagging far behind after a cut-throat dip below the crucial support.
In the last 24 hours, XRP has lost massively from its value against USD. The altcoin dropped from an opening price of $0.38 to around $0.33 at press time.
XRP and other altcoins in the market followed Bitcoin’s trend after the king of crypto lead the way into dip from its $13,100 monthly high price. XRP, in its own rally, initially broke the Mirror Level $0.37269 before trending downward to a lower price.
The altcoin further rallied downwards breaking a crucial support around $0.35 with a massive sell of around this point, causing further devaluation on the chart.
XRP is exhibiting a pattern similar to the previous dump. Analyst carltonzone on Trading View deciphered that after constructing a new fib analysis from May 15th high point to June 19th low, it was observed that the altcoin dumped when the candle made it to exactly 3.618 fib circle boundary.
Image Credit: Trading View
Looking at the present trend of the altcoin, XRP is sitting in the space between 2 fib circle boundaries. This signals that there could be another 2-part dump as it heads towards the next line downhill.
On the chart captioned by the trader, 3 higher highs and 2 higher lows have been formed after May 15th peak, but the present dump presented by XRP against USD has negated the progression, taking us aback to May 9th low value.
While we wait for the real base or support level, signs from the 1D chart reveal that the next stop would likely be around $0.29 or a stop hunt around $0.28 as the altcoin broke a major level of the psychological support.
If XRP fall down as predicted, we could be staying in that region for a long time before another upward rally.