A popular crypto analyst is outlining his key levels of resistance for XRP as the crypto asset risks dropping behind Litecoin in market cap.
The pseudonymous analyst, known in the industry as Credible Crypto, tells his 91,000+ Twitter followers that XRP investors should watch to see if XRP breaks below $0.215. The asset is trading around $0.236 at time of writing, according to CoinMarketCap.
We have more clarity from a wave perspective now. My short term bias on XRP will be based on which of these two levels is broken first. Bullish on a break of $0.267, bearish on a break of $0.215.”
XRP’s price has plummeted by about 50% since the U.S. Securities and Exchange Commission (SEC) filed a case against Ripple in late December alleging the San Francisco payments company has engaged in illegal securities offerings of the asset since 2013.
XRP, the fourth-ranked digital asset by market cap, briefly fell to fifth this past weekend as Litecoin (LTC) surged in price.
XRP has since regained its fourth-place spot, though its market cap remains less than $500 million more than Litecoin’s at time of writing, according to CoinMarketCap.