The cryptocurrency market continues to be on a dip (again), a move that, by far, has been the most historically pronounced in the sector. Naturally, this has affected each and every one of the cryptos, but ones more than others have shown worrying behaviors that have caused panic and despair among the community, and to say the least, the speculative tendency does not seem to have a near ending.
In this sense, last week two of the most remarkable examples were Bitcoin (BTC) and Ethereum (ETH), coins that despite being the top 2 of the market haven’t been able to avoid the bearish performance of the cryptosphere. This time, another two that seem to be on the same path are without a doubt Ripple (XRP) and Litecoin (LTC), cryptos that belong as well to the crypto hall of fame. Let’s see the key points behind the most recent crypto trends.
Ripple (XRP): The bearish tendency continues
Ripple (XRP) has decreased 85% percent from its highest value set in January this year, and as it seems, the tendency is going to continue bearish, so the possibilities of reaching even lower values are very high. In fact, the token set the long-term objective at the second half of last year to hit the 25-cent mark, which at the moment remains active, a fact that will represent -48% from the actual price or -92% from its highest price of January.
In the meantime, a pattern is recognizable at first sight and is the tendency to have both lower lows and highs compared to the values that were reached by the token in May. Although it is still not discarded the possibility of a rebound like the one that we observed between April and May, even when possible the most likely to occur later is a drop of the prices one more time.
Litecoin (LTC) goes down below the trend-line resistance
The 100 line of Litecoin (LTC) recently broke and showed with it pessimistic results that even suggested the possibility of a more significant decrease. It is still not determined what will be the target of the downside unlike with Ripple (XRP), but as it is prognosticated, it will have even more remarkable repercussions, positioning down below the 40s or even worse.
The token will find support later around the 69 line, and even further on the 50. For its part, the trend-line resistance created in the peak of May was recently identified on some of the trades made, so this will serve as a guide to predict the behavior of the crypto in the mid-term.
The panorama for the cryptocurrency world is not the best as of now, and speculation is one of the things that have been affecting the most the market. Whether this will be a repetitive pattern still remains a question, but whether one has invested in Ripple and Litecoin or not, best thing as of now is to stay calm and see the next steps of the sector.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Maxpixel.net