BTC Tumbles while XRP Holds Steady, Third Biggest Crypto Could Still Fall 20%

Bitcoin and XRP prices took a nosedive once again. BTC has dropped 0.62% as of press time while XRP is selling for $0.255.

XRP, the third largest cryptocurrency in terms of market capitalization, is trading a percent up since yesterday. While the coin appears to be bullish, analysts remain cautious as they believe it is starting to show signs of fragility.

The XRP peaked at $0.258 in the early hours but eventually settled at $0.252. The token’s downside correction ended near the critical support area developed by the lower boundary of the last consolidation channel.

The XRP/USD also enjoyed a gain of one percent on a day-to-day basis. It remained unchanged since the start of the day.

One trade expert noted that while Ripple’s XRP appeared bullish earlier today, it couldn’t break past a lower range. The struggle seems to indicate that it’s still possible for the currency to drop 20% and go under $0.20.

The notion that the XRP is headed towards bearish times is echoed by crypto investor NekoZ. The crypto trader says that when one considers the poor volumes shown in the XRP market, he expects the cryptocurrency to go through a “heavy structure fail.”

He also noted that lower lows have been seen in the XRP market, and it hints at a minimum drop of 15% in the next few weeks.

Despite the impression that XRP prices might be heading down, the popular altcoin is still receiving love from different crypto enthusiasts.

Bob Ras, the head of crypto exchange Coinfield, told the Nugget News YouTube channel that he believes XRP technology is infinitely better than that of Ethereum.

Ras acknowledges that the two crypto chains are different and were developed for a specific purpose. The XRP Ledger was designed for global payments between institutions while Ethereum was more for irrevocable smart contracts. However, XRP is still more practical in Ras’ opinion.

The Bitcoin sliding down was unfortunate but not unexpected. The BTC is having a challenging time trying to follow through with yesterday’s bounce off the $8,000 level. However, the rejections at critical levels and the low volume isn’t convincing people that the downtrend would end any time soon.

Analysts have pegged BTC price to extend its drop to below the resistance area of $8,250. Data has also shown that there’s a bearish trend line developing with resistance close to $8,150 on the BTC/USD hourly chair.