With Ripple’s XRP actually holding the title of one of the worst-performing crypto-assets of the year thus far, it may be hard to be bullish on it. Despite it being the third-largest cryptocurrency, the recent volatility hasn’t been kind to XRP’s price action, with it underperforming Bitcoin Cash, Litecoin, Monero, Stellar, and many others in Q1 of 2020, Messari says. But, according to a popular crypto trader, the bearish trend is likely to reverse in the near future. Related Reading: Ethereum Firm Launches Controversial Product, and the Crypto Community Isn’t Pleased XRP Just Printed Its Second Positive Signal: Analyst According to Credible Crypto, an asset trader and a Youtuber, the recent recovery rally in the cryptocurrency market has allowed XRP’s long-term chart to print a rather positive sign: The trader posted the below chart on April 16th, depicting that XRP has decisively reclaimed a multi-year trendline over the past week, managing to bounce off a downtrend from the all-time high that the cryptocurrency was rejected by four times, but has since reclaimed. It managing to make this breakout, Credible wrote, is a sign that the “bottom is in,” adding that he’s so certain about this he has added to his XRP positions as he awaits upside in the coming months. Credible Crypto’s sharing of this technical analysis observation comes shortly after he noted that the asset was in the midst of printing a textbook diamond pattern, which he claims is a sign of an imminent bottom. Per previous reports from NewsBTC, his charts outlining the analysis indicated that if the diamond plays out, both XRP and Bitcoin will rally by 100% in the coming months as we head into, then pass the 2020 halving. As Credible Crypto added, that it may take “some time” for the diamond bottom to actually pan out due to the formation occurring on a long-time frame chart, the one-day. Too Early to Be Bullish? Others, however, have said it is too soon for investors in the altcoin to get their hopes up. Per previous reports from NewsBTC, the same trader who called that XRP would hit $ 0.13 months in advance said the cryptocurrency remains in the midst of an Elliot Wave correction, which will likely see the cryptocurrency fall towards $ 0.08-0.09, then continue lower to $ 0.05-0.06 to establish a long-term bottom in the middle of 2020. There’s also a sentiment from a popular crypto technician that XRP is macro bearish. He shared the chart seen below to convey this point, specifically highlighting the “double rejection” at key horizontal support regions and the fact that the asset is entering a region where there is little historical liquidity. On the chart, he said: “This is probably one of the scariest charts I’ve ever seen. I wouldn’t want to be bagholding this.” Photo by Paweł Czerwiński on Unsplash
NewsBTC
Free Chance for Alpha Prestige Fusionist NFT
-
Recent Posts
- DTCC rules out collateral for Bitcoin-linked ETFs
- Bitcoin’s daily transactions reach new record high
- Price analysis 4/24: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
- Solana Memecoins WIF And BONK Explode By Double Digits: Key Reasons
- Ripple Vs. SEC Update: Is The Lawsuit Finally Coming To An End With A Settlement?
Recent Comments
Archives
- April 2024
- March 2024
- February 2024
- January 2024
- December 2023
- November 2023
- October 2023
- September 2023
- August 2023
- July 2023
- June 2023
- May 2023
- April 2023
- March 2023
- February 2023
- January 2023
- December 2022
- November 2022
- October 2022
- September 2022
- August 2022
- July 2022
- June 2022
- May 2022
- April 2022
- March 2022
- February 2022
- January 2022
- December 2021
- November 2021
- October 2021
- September 2021
- August 2021
- July 2021
- June 2021
- May 2021
- April 2021
- March 2021
- February 2021
- January 2021
- December 2020
- November 2020
- October 2020
- September 2020
- August 2020
- July 2020
- June 2020
- May 2020
- April 2020
- March 2020
- February 2020
- January 2020
- December 2019
- November 2019
- October 2019
- September 2019
- August 2019
- July 2019
- June 2019
- May 2019
- April 2019
- March 2019
- December 2018
- November 2018
- October 2018
- September 2018
- August 2018
- July 2018
- June 2018
- May 2018
- April 2018
- March 2018
- February 2018
- January 2018
- December 2017
- November 2017
- October 2017
- September 2017
- August 2017
- July 2017
- June 2017
- May 2017
- April 2017
- March 2017
- February 2017
- January 2017
- December 2016
- November 2016
- October 2016
- September 2016
- August 2016
- July 2016
- June 2016
- May 2016
- April 2016
- March 2016
- February 2016
- January 2016
- December 2015
- November 2015
- October 2015
- September 2015
- August 2015
- July 2015
Categories