The cryptocurrency known as XRP, also known as Ripple. It has been the worst performing crypto asset throughout the year of 2019.
While many crypto investors expect a massive oversold asset that has long since been finally invested and returned to the previous high prices. An encryption analyst believes Ripple’s distribution is almost complete and a reduction phase will soon follow. Such an event would take the price of cryptocurrency even further, to levels not seen since the beginning of 2017.
Ripple is ready for the Markdown the stage Grueling two years of XRP distribution
XRP, the central cryptocurrency token of the RIPP protocol, is currently trading at around 22 cents per XRP. The crypto asset has dropped more than 90% to $3.84. It receded in early 2018 before the crypto bubble burst and the alternative currencies fell into a deep downtrend and extended crypto winters.
Even during 2019, Bitcoin and other alternative currencies began to recover lost ground. XRP has continued to set new lower lows and even around the annual Ripple Swell Conference has also failed to recover. In the past, the event caused a large increase in the price of the asset.
This year, however, was hardly a Ripple, let alone the dizzying news of the annual event focused on the future of the financial industry.
Because Ripple has failed to establish new heights, an encryption analyst believes that the asset delivery phase is almost complete. And what comes next is a violent tracking phase that is probably the encryption asset. You can take the price of just a penny for. XRP
According to the chart shared by the analyst, it can be clearly seen that XRP enters an accumulation phase. After that, the increase occurred, which led to a greater recovery of Ripple before another advance. The final advance has been completed and, therefore, distribution has begun, which lasts until 2018 and 2019 as planned.
The table and the pattern coincide very closely with the schematics of Wyckoff’s theory. Richard Wyckoff believed that all assets go through four different stages of price action: accumulation, brand, distribution and brand.
If the XRP price chart patterns really work, confirming that the distribution was taking place. Ripple price could fall to the 5 cent support level per XRP, which is 1% lower than the XRP token.
Such a decrease would eliminate the entire 2017 confinement due to the existence of Ripple. And withdraw asset prices at levels not seen from 2014 until the beginning of 2017. Before crypto became a household name and the bubble finally burst.