XRP Price Lost 95% in 2 Years — Is It Time Now to Get Bullish?

Altcoins dropped severely during the recent retracement of Bitcoin (BTC) price to $6,400, which increased Bitcoin’s dominance above 70%. One of these coins is XRP, which took a hit of 20% and is currently valued at $0.19 per coin — or the lowest value in over two years — after hitting as low as $0.178.

Crypto market daily performance. Source: Coin360

Nevertheless, the blockchain payments firm behind XRP, Ripple, just announced that it raised another $200 million in funding. Aside from that, they claimed to have ”the strongest year of growth to date in 2019.”

But the question for XRP now is whether the current lows provide a perfect investment opportunity, or will the top-3 altcoin continue to lose ground? Let’s take a look at the charts to spot the trend.

XRP hits lowest USD value in 26 months

Unfortunately for XRP holders, the trend remains the same since the last article: still trending downwards, posting lower lows and lower highs.

XRP USD 3-day chart. Source: TradingView

XRP USD 3-day chart. Source: TradingView

As XRP made a bearish retest of the $0.30 level, the price retraced further and is currently resting on the next significant support around $0.17-0.20. This is the lowest level since October 2017 and is also a full retrace of the massive move during peak mania in early 2018 with a high of around $3.

Now, the sentiment is hitting euphoria levels for bears as people can’t see any bullish perspectives for the coin anymore.

But does this mean that XRP is a great opportunity right now? No. However, maximum investment opportunity typically occurs when prices are not showing the progress of the asset or project itself yet; and this just may be the case with XRP.

Fractals start to line up

Markets move in similar ways, mostly based on human emotions and market psychology. That’s why it’s interesting to look at fractals and earlier cycles. Similarly, the bubble of 2017 in Bitcoin and the “dot com bubble” are comparable in their pattern itself.

XRP USD 3-day chart. Source: TradingView

XRP USD 3-day chart. Source: TradingView

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