Ripple (XRP) rose above 47% in July alone. Most of the gains came at the end of the month, with a big rally over 30% of the bulls last week. However, according to popular analyst Tony Spilotro, Ripple bulls need to override a strong bearish signal that could cause altcoin to drop 80% or more.
According to Tony Spilotro, a fractal signifies a devastating Ripple drop
While Ripple (XRP) was among the worst performing cryptocurrencies on the market for over two years, it peaked in the industry last week in terms of one-week performance. Ripple made a big leap and became the best of all the other assets in the weekly ROI. In this process, Ripple took back its position as the third largest cryptocurrency with its market value from Tether.
July has been the hottest month of altcoin in recent years, and XRP rose above 47%. Just last week, gains peaked over 30% and the price went above the $ 0.30 resistance level. According to Tony Spilotro, the bull momentum is developing within the asset, but Ripple remains in a downtrend until a new peak is formed in higher time frames. According to the analyst, there was a large downward trend in the Relative Strength Index, which made things worse for bulls. Also, according to Tony Spilotro, a fractal potential points to a devastating fall of Ripple.
Analyst: When this fractal happened last, XRP fell 87% against the dollar!
According to the Relative Strength Index in daily time frames, altcoin shows a downward trend. Declining deviations occur when price action moves against a power measurement indicator like the RSI, according to the analyst. According to Tony Spilotro, the indicator pushes far more than the price action and shows a strong bearish pressure that absorbs buyers’ strength and prevents retesting the previous high level.
According to the analyst, the bulls will have to push more to override the bearish signal. According to Tony Spilotro, if they can’t, the bears can regain control and put XRP back on a downtrend. According to the analyst, the XRP fell 87% against the dollar to its lowest level when this decline fractal last occurred. According to Tony Spilotro, a similar situation can happen.