Potential Ripple Price Drop Set To $0.10, Top Analyst Urges Further Caution

Jacob Canfield, a top crypto analyst, has shown reservations of buying Ripple’s XRP even after the new predictions showing a potential drop to $0.10

A Steady Dive

The year of 2019 was certainly not a good one for the Ripple Foundation’s XRP holders, at least not in terms of buying dips. One of the top five largest cryptocurrencies in the world has enjoyed the displeasure of experiencing a consisting downward spiral without much of a sign of reprieve.

The big issue is that there isn’t even a sign of a rise on the horizon. At least, no sign of it happening any time soon. It’s gotten to a point where even the SWELL event, something that was highly anticipated, couldn’t save the coin back in early November.

Trader Estimates

Jacob Canfield, one of the top analysts in the crypto industry, has recently expressed his reservations to buy Ripple XRP, but not at the current price. According to Canfield, even a price drop to as low as $0.10 would be something he wasn’t sure about. Clanfield takes this even further, telling the world that his proudest achievement of the year was to talk both his friends and his family out of getting XRP. Obviously, this doesn’t bode well for Ripple’s native token.

https://twitter.com/JacobCanfield/status/1206765832468156417

A renowned trader, Nebraskan Gooner, has suggested putting faith in the XRP token at around $0.07 in terms of price area. Even Peter Brandt, a well-known trading legend, has predicted a collapse of XRP that’ll lead to a price as low as $0.02

The Previous Rise

Before its drop, XRP had experienced one of the most overwhelming price rises of that year, becoming 2017’s success story through a 30 000% rise in price. The massive rocket upwards stopped on the 8th of January, 2018. The absolute peak of the XRP coin was clocked in at $3.36. From there, the price of the currency steadily started to nosedive, alongside the rest of the crypto market.

At the time of writing, CoinMarketCap shows the XRP coin trading at $0.19, the lowest recorded price for XRP since the start of November 2017. Crunching the numbers, the price represents a gutwrenching 94% decline from the all-time high recorded. To put it in another perspective, those who bought $100 of XRP during its peak pricing range would now be left with a measly $6 to show for the investment. Those that bought XRP at its peak are surely regretting it now.