There has been a short period of time in the past week in which many altcoins have outperformed Bitcoin. Still, Ripple’s XRP and the rest of the cryptocurrency market have started falling below the market leader once again. Analysts expect this trend to continue, especially as cryptocurrencies like Ripple’s XRP are showing alarming technical signs suggesting an impending downward trend.Altogether, altcoins are printing bearish fundamentals, further strengthening expectations of a downward move in the coming weeks.
Ripple’s XRP trades under two key support levels
Ripples XRP’s recent inability to keep up with Bitcoin has pushed the cryptocurrency below key support levels, a top analyst suggests.Josh Olszewicz – cryptanalyst at Brave New Coin – recently shared the diagram below. Accordingly, XRP / BTC trades below two main levels: the 200-day exponential moving average and a horizontal support zone that held last year.While the analyst does not make a forecast, it points out that Ripple’s XRP could fall much deeper from its current trading point.
All altcoins fall
Ripple’s XRP may be the focus of this article – however, according to analysts, all altcoins will decline over the coming weeks and months due to fundamental factors.For example, the senior technical analyst at crypto research company Blockfyre recently said that “altcoins (as a whole) will really have trouble” moving forward.