The flagship asset recently gathered substantial strength to push the price outside of the crucial resistance zone. But it failed to sustain above $38k, as bears quickly reverted back the price action to $35k on Thursday. Altcoins are no exception to this, turbulent cryptoverse has put XRP, AAVE, and GRT traders at risk, as there are potential threats of correcting to yearly lows.
In addition, the report from the Santiment confirms that the aforementioned tokens have been trading at heavily sunk profit levels. Especially, the exchange inflows, number of transactions, and network growth is still indicating a bearish sign. Hence, traders are expected to be cautious before they are getting into the trade of XRP, AAVE, and GRT.
XRP Price Could Fall To Yearly-Lows!
The XRP price has been generating consecutive lower highs since August. With a sharp rejection at $0.779, the altcoin is currently trading at a six-month low of $0.6018. If bulls fail to accumulate the current bottoms, then there appears to be the price break down to yearly-lower levels. Currently, $0.5969 is major support where the asset is expected to experience a pullback.
Analytics of Bitinfocharts has revealed that the number of tweets related to XRP plummeted to an 8-month low. Although the number of blockchain transactions per day is above 1.5 million, the price has remained sluggish. However, as social discussions have been dropping at a record rate, there is a chance of the XRP price dropping below $0.5.
AAVE Price To Undergo Another Round Of Losses?
Despite the constant upgrades and collaborations, AAVE’s price has drastically failed to hold the local support levels. As bulls faced a heavy rejection at $226.93, the altcoin plummeted to the yearly-low mark of $147.37. As sell-offs are likely to continue, the altcoin would further correct to multi-year lows.
Analytics from the Intotheblocks suggest that correction is inevitable and exchanges reserves are likely to build up. Over the past seven days, relatively the number of total exchange inflows was larger as compared to the outflows worth $43.13 million. Moreover, only 12% of traders are making profits currently and are hence expected to continue the correction.
The Graph (GRT) To Undergo Great Loss!
The Graph price has been under a sharp decline since November. As bears have been failing to hold the local supports, GRT price has plummeted to the yearly low mark of $0.4014. Currently, only 4% of token holders are gaining profits, and exchange inflows have been increasing at a rapid rate.
As per the Intotheblock analytics, a total of $16.59 million worth of GRT tokens flew into exchanges compared to $13.2 million worth of outflows. Hence, if it loses the current levels, then another 50% correction appears to be on the cards.
Collectively, traders are advised to be careful before they get into trading XRP, AAVE, and GRT. If they fail to hold the current support, then there are high possibilities of them correcting beyond yearly lows.