2020-7-12 02:00 |
After years of underperformance compared to the rest of the crypto market, XRP has been pumping from bear market lows. But just as the altcoin reaches a key level on its Bitcoin trading pair, an ominous sell signal has triggered.
Will the recent rally in Ripple fully retrace as pumps have in the past? Or will the cryptocurrency finally recover in its ongoing battle against BTC?
David Versus Goliath, Ripple Versus BitcoinXRP has been in a brutal downtrend on the BTC trading pair and remains over 90% down from its peak.
Making any sort of recovery against Bitcoin has proven unsuccessful for XRP over the last three years. It’s cemented the altcoin’s status as the worst performer in the crypto market.
It was even “flippened” by Tether for the third spot in the top ten crypto assets by market cap.
Over the last few weeks, however, XRP may have finally found its bottom. Multiple signals potentially confirm a breakout from nearly three years of downtrend resistance and bullish momentum is building.
Related Reading | The Price Trend of XRP Stunningly Reflects That of Sheep Manure Stock
This week alone the now fourth-ranked cryptocurrency is up over 12% against USD. At the high, the asset was up 20% on the dollar-based pair.
The native token to the Ripple protocol also gained 10% against Bitcoin during this time. The gain represents the largest outperformance against BTC since before Black Thursday.
But the rally could be over or at least see a strong retracement due to a “9” sell setup on the TD Sequential indicator.
Ripple XRPBTC TD Sequential Daily | Source: TradingView Conflicting Signals Leave XRP Rally Against BTC In JeopardyXRP can’t seem to catch a break against Bitcoin. Just as the asset stages its best chance at a sustained recovery in months, the TD Sequential indicator issues a 9 sell setup.
The last time the signal triggered, the altcoin dropped 35% against BTC.
As of the time of this writing, the sell setup hasn’t yet perfected. Doing so would require a new higher high set today beyond Thursday’s high of 2250 sats.
There are also conflicting signals on the indicator. On the quarterly XRPBTC chart, there’s also a 9 buy setup.
Ripple XRPBTC TD Sequential 3-Month | Source: TradingViewHigher timeframes are given more weight in terms of signals. A buy signal across 27 months of price action versus just 9 days, is bound to be more significant.
Related Reading | Ready For Liftoff: Two-Year Downtrend Breakout Could Lead to $14 Ripple
There are also several other potential signs that XRP has bottomed and even the latest 9 sell setup won’t stop the asset’s explosive momentum.
Ripple XRPBTC Weekly | Source: TradingViewDuring 2017 there were two distinct pumps against BTC. Each time, Ripple rocketed by over 1000% in less than two months.
If the cryptocurrency is ready for another similar surge, this latest sell setup could be a fakeout or a false signal. Or perhaps any resulting downside is extremely short-lived.
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