Ripple price dumps below 18 cents on Wednesday as the crypto market sell-off continues. The entire market has now shed about $200 billion in the second half of 2019.
December 18, 2019 | AtoZ Markets – Ripple is now officially the worst-performing cryptocurrency in 2019 among the top 10 listed on Coinmarketcap at the time of writing this report. Ripple remains the 3rd-largest based on market capitalization. However, the cryptocurrency has now lost 45% in 2019 to date. The year is just about two weeks to end but the crypto market continues to dump. However, in December 2019 so far, the market is over $50 billion better than January 2019. This is thanks to a superlative performance in the first half of the year. On the other hand, the second half has been very disappointing as the market deflect away from recovery.
Ripple has had a turbulent year. While Bitcoin has gained 85% in 2019 YTD and 35% in the last 365 days, Ripple has recorded huge respective losses of 45% and 42%. The year started well as the December 2018 recoveries continue in January to March before the April bullish breakout. However, the reports of dumping and the general market bearish sentiment dragged Ripple price back to the bearish zone. At the moment, Ripple price is at its lowest since November 2017.
The last quarter of the year has been very bearish with 24% loss in November and 15% loss in December so far. This has subjected the XRP price below the 20 cents mark. Although there might be a retest of the 20 cents level, the market should drop deeper to the 12-13 cents bearish target zone.
Ripple price dumps deeper: XRPUSD Elliott wave analysis
The Ripple price has remained in the bearish territory. In the previous updates, we used the chart to analyze the long-term view (Charting tools from TradingView)
In early November, the Ripple price was close to completing a bearish triangle pattern just beneath a critical resistance zone. If a break upside had happened, we would have expected recoveries toward 50 cents. However, the breakout happened downside to hit 20.23 cents. In the last update, we discussed the minor correction to 24-25 cents. However, the price was rejected below 23.5 cents and dropped to a new low as the new chart below shows.
The breakout happened downside and Ripple is now expected to hit the 12-13 cents critical zone. A break below the zone could happen especially if Bitcoin reach $4,500-5,000 target zone.