XRP is one of the most disappointing performance names in the first quarter of 2020

XRP price plummeted to $ 0.24

A large number of XRP are waiting to be poured into the market, which could have a negative impact on the value of the world's third largest cryptocurrency.

Despite Ripple's best efforts to speed up XRP adoption, the coin is still struggling at current prices and is even in danger of falling to new lows.

The number of XRP in circulation is too much

In a recent report, Messari confirmed that XRP is one of the worst performing coins in the first quarter of 2020.

While there are still issues with the business model and supply unresolved, most recently, a large amount of XRP has just been moved and guess who is doing this. Ripple co-founder Jed MacCaleb has transferred 63,704,590 XRP ($ 12,293,769) to his personal wallet. This amount is more than enough to bring Ripple's price to a new low this year.

The number of XRP in circulation is too much

XRP opened in 2020 at around $ 0.19, then climbed to a high of $ 0.35 in mid-February.

However, the price of the coin dropped 70% during the crypto market crash in mid-March, reaching its lowest level since May 2017. After the incident, XRP was able to rebound. and ending Q1 with negative profit of 10%.

Despite the important partnerships that Ripple is trying to establish to expand the application of its on-demand liquidity solution, XRP has yet to show any positive signs.

As interest in XRP seems to be declining, many investors are wondering if the price of this currency could be lower in the second quarter.

The downtrend may continue

From a long-term perspective, XRP is trading in a declining trend since reaching an all-time high of US $ 3.5 in January 2018. Since then, it has created a series of new lows. .

XRP can drop to the next support zone of $ 0.062.

The downtrend may continue

The formation of this model is viewed by analysts as a direct result of a series of price behaviors seen over the past few weeks. One trend line connects the corresponding highs while another connects the lows.

Now that this altcoin has broken below the lower trendline, it is likely that XRP may continue to fall further by 24% to reach the target of $ 0.15.

What is waiting ahead

After a period of continuous sales, Ripple has significantly reduced the amount of XRP sold quarterly.

The company sold $ 13 million of XRP in the fourth quarter of 2019. This amount represents an 80% decrease from the previous quarter to a figure of $ 66 million in the most recent quarter.

These efforts seem to be in vain because Ripple has been unable to change the trend of the coin it created. XRP continues to hit a range of lower lows without breaking out of the downtrend that began in early 2018.

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According to Bitcoinist / Coin68
Recompiled ToiYeuBitcoin

About My name is Nguyen Manh Cuong. I was born in a poor village in Ba Vi district, HA NOI province - windy and sunny land. Currently. https://www.nguyendiep.com/. Mr Cuong.
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