Ripple (XRP) is trading below a critical trend line support now and the price has already tested it as resistance. This coupled with the fact that XRP/USD is already trading within a descending triangle has raised some red flags. Ripple (XRP) is one of the few large cryptocurrencies that investors worry could take the whole market down with it. As BTC/USD nears a potential downtrend, investors are looking for a black swan event that could trigger the next sell-off. We have seen the recent Binance exchange hack do little to affect the enthusiasm of overly excited bulls. Maybe something like an SEC decision regarding the legal status of some cryptocurrencies could be a likely catalyst. Ripple (XRP)’s own dealings shows that there is no lack of catalysts. For instance, the company recently released 1 billion XRP from escrow.
There are many catalysts that could bring the market down now that most of the large cap coins are in very vulnerable positions. Ripple (XRP) tops the list…
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