Another Bitcoin price drop to below $ 4,800 might resume the price crash and take XRP along with it
The Coronavirus pandemic is devastating world financial markets. When traders prepare for another extremely volatile week, cryptocurrency exchanges are “visited” a lot. On the other hand, at press time, the Bitcoin price has increased by 4% in the past 24 hours. However, a price prediction that suggests Bitcoin is likely to drop below $ 4,800 could continue the price collapse and bring XRP along with it.
The Bitcoin and cryptocurrency market is in green
There was a time when Bitcoin price increased to 12.09% while holding in the mid- $ 5,000 area. However, a trader says that another price drop to below $ 4,800 might resume the price crash and take XRP along with it. Meanwhile, the XRP liquidity Index is showing almost no increase in the three main ODL corridors – Mexico, Australia, and the Philippines.
Elsewhere, a trader named Joker posted a chart, which indicated that for the second time of the week, Bitcoin price tested the blue bottom line as support. Earlier, Bitcoin showed a parabolic rise after coming close to this curve.
However, he admitted:
“If Bitcoin continues to drop below the $ 4,800 area, the price could drop to $ 2,300, a further 50% drop. And if this happens, the XRP price will collapse to the $ 0.05 zone.”
Throughout #btc history, it was the second time that the blue line has been tested as support. It has been as the bottom before the parabolic rise.
Losing $4800 levels for #bitcoin means a further 50% drop to $2300 level.
That can send #XRPUSD to $0.05 levels. #XRPCommunity pic.twitter.com/tEgEQI8x4N— JOKER (@KiaCrypto) March 17, 2020
The increase of the XRP liquidity Index has slowed significantly
The Twitter bot that regularly shows XRP liquidity growth on the three platforms that currently trade XRP tweeted that the rise of this index has slowed down drastically. The three ODL corridors – Bitso in Mexico, Coins.ph in the Philippines, and BTC Market in Australia – have hardly shown an increase in the past few days since the price of XRP dropped from $ 0.19 to $ 0.15 and after that down to $ 0.13.
- Bitso – 11,475,819 versus the ATH of 20,391,941
- Coins.ph – 4,498,011 versus 7,992,120
- BTC Markets – 4,941,278 versus 7,164,301
Liquidity Index for https://t.co/raMbsEkdJD XRP/PHP (28-day moving trend)
Day progress: 54%
Today so far: 4,498,011
All Time High: 7,992,120
Data: https://t.co/cF3K6P1fg9 pic.twitter.com/pS1Ol41bMD— Liquidity Index Bot (@LiquidityB) March 17, 2020
Liquidity Index for BTC Markets XRP/AUD (28-day moving trend)
Day progress: 54%
Today so far: 4,941,278
All Time High: 7,164,301
Data: https://t.co/zlBcWd0sYI pic.twitter.com/z5HbpFM0s9— Liquidity Index Bot (@LiquidityB) March 17, 2020
The current liquidity volume figures haven’t changed much since the previous figures were posted. Trader Scott Melker shared some good news with the cryptocurrency community Twitter, saying that Bitcoin has risen 45% from a recent low of $ 3,600.
However, the price of Bitcoin is still down 35% from the $ 8,000 it quickly dropped from last week.
Broke: Bitcoin is down 35% from $8000, where the bottom fell out last week.
Woke: Bitcoin is up 45% from the bottom of the dump at $3600.
— The Wolf Of All Streets (@scottmelker) March 17, 2020
Read more:
- Tim Draper: Bitcoin Will Eventually Save The Day Once Coronavirus Crisis Is Over, We Should Buy Bitcoin Or Gold?
- Bitcoin Mining Profitability Hit $0.07 Per T/Hash – The Lowest It’s Ever Been