It’s been a quiet past few days for XRP and the rest of this nascent market. After the retracement this weekend, most cryptocurrencies have flatlined, with volatility dropping at a rapid clip.
This consolidation has allowed a number of bullish signs to form on the charts and in the markets of leading digital assets.
Derivatives data suggests that Bitcoin is primed to bounce after the drop from last week’s highs. For XRP, a prominent trader shared the chart below, indicating the asset is “showing a hidden bullish div[ergence] with RSI reaching the apex of a [trendline] squeeze.”
Chart of XRP printing a textbook “hidden bullish divergence” with the price and the RSI from trader “Credible Crypto” (@CredibleCrypto on Twitter).
That’s to say, XRP could be on the verge of exhibiting a bullish breakout higher, likely to rally back above $0.20 and beyond.
Despite this textbook bullish sign, there is a chance that it won’t play out, with the market outlook for all altcoins worsening over recent days.
XRP Remains Macro Bearish
From a purely technical standpoint, analysts say XRP remains macro bearish — which means while there may be a chance for a rally in the short term, the long-term trend remains down.
As reported by Bitcoinist previously, one crypto trader remarked that XRP has been stuck in a downtrend for over 850 days, having just fallen below a crucial level of support on the monthly chart.
“Looking at it from an investor perspective, [fundamentals are] not an excuse to invest in an asset that has been down-trending for 851 days and lost key monthly support/resistance level,” the trader explained in refernece to the chart below.
Price chart from @FeraSY1, a prominent crypto trader and engineer.
The skepticism of XRP’s macro chart has been echoed by legendary commodities trader Peter Brandt.
He explained in March that the altcoin is bearish because there is only “white space below” its price, with little historical support or liquidity below ~$0.15.
I am breaking a promise.
I said I would never again post a chart of $XRP
But, I thought you all might be interested in what it means to have …
"While space below" pic.twitter.com/Pse2DkEXfp
— Peter Brandt (@PeterLBrandt) March 12, 2020
All Altcoins Signal Caution: Analysts
Altcoins as a whole remain risky investments, analysts say.
Brave New Coin’s crypto analyst Josh Olszewicz remarked on May 15th that Bitcoin’s dominance macro chart — the portion of the crypto market made up of BTC compared to altcoins — printed a textbook bullish signal: a golden cross.
A golden cross forms on a chart when a “relatively short-term moving average crosses above a long-term moving average,” and is often followed by a “bullish breakout,” according to Investopedia.
Previous golden crosses on the BTC dominance have preceded notable Bitcoin surges against altcoins.
Adding to this, Arca’s Jeff Dorman postulated that the fact all altcoins fell alongside Bitcoin last week indicates “most digital assets are not necessary to own. Dorman added that it was “particularly damaging for ETH today.”
Featured Image from Shutterstock origin »
XRP looks ready to break out after a week of strong performance. Still, one technical index estimates a retracement before the cryptocurrency makes further gains. XRP Sits At Pivotal Point...
XRP has been gradually increasing since May 10, having done so by slightly more than 10%. However, until it flips the $0. 225 resistance level as support, its price movement is considered a retracement.
On April 29, the Bitcoin price created a massive bullish engulfing candlestick, moving above several resistance levels without experiencing any retracement at all. The candlestick had a body of $1,000, an increase of 14% from its opening price.
As XRP closes shop just under a double-digit billion-dollar market cap, the market is opening up to interesting price possibilities over the course of the next week. After undergoing a massive surge, The post XRP faces retracement under $0.
Ripple’s XRP has been able to enjoy an impressive rally in the last 24 hours, but an extremely precise technical index reveals that a retracement is underway. XRP Poised to...The post Ripple’s XRP May Shed Gains from Latest Bull Run appeared first on Crypto Briefing.
XRP has been lagging for quite some time now. Upswings appear to have been paused and a strong rally for the coin is yet to materialize. At press time, XRP was priced at $0.191.
XRP 6-Hour Chart:
The post XRP's positive momentum could be cut short; retracement to $0.16? appeared first on AMBCrypto.
The past few days haven’t been kind to the crypto markets. After peaking last week, market leaders Bitcoin, Ethereum, and Ripple’s XRP and smaller altcoins saw their values tank. XRP was hit especially hard by the retracement, falling from its multi-month high somewhere above $0.
The altcoin market has slowly begun to rally and XRP, in particular, has risen by 75% since the start of 2020. Other altcoins like Bitcoin SV have surged by over 200% since the start of 2020 as well.
Over the past day or two, the crypto market — from Bitcoin to Ripple’s XRP — has begun to slow. The prices of the leading digital assets have finally taken a breather after days and days of uptrend without too much of retracement.
All last week, the altcoin market was on fire, with many crypto assets – including Ethereum and XRP – breaking out from downtrend resistance and going on massive rallies – some of which set over a few hundred percent gains.
XRP surged over 15 percent in the last 36 hours following a significant consolidation phase that began in mid-December 2019. Now, this cryptocurrency could be signaling a retracement before the continuation of an uptrend.
The following technical analysis will evaluate whether Ethereum, XRP, and Litecoin are bound for a deeper retracement or a bullish impulse.
The post Crypto Black Friday Blowout Comes Early, But Who’s Buying ETH, XRP, and LTC? appeared first on CCN.com
Bitcoin BTC/USD Market Forecast From yesterday's high at $10976. 7 the price of Bitcoin has decreased by 9. 62% as it came down to $9920. 6 at its lowest point today around which the price is currently being traded.
On the upside, the crypto’s price is likely to rise but will face resistance at the $0. 42 price level. The bears broke the 0. 236 and 0. 382 continuation zone of Fib. retracement level. Again it broke the 0.
The market is likely to revisit the low at $0. 34 or $0. 38 price level. Crypto’s price is at the 0. 50 Fib. retracement level with the formation of another bearish candlestick. This indicates that price is likely to fall to the 0.
Coinspeaker XRP Price Analysis: XRP/USD Expected to Reach $0. 38 Price LevelAfter price retracement, XRP price will incline further towards $0. 38 resistance level in case the bulls double its momentum.
The crypto's price reached a high of $0. 32 and commenced a retracement. On the downside, the retracement is likely to break the EMAs which will result in the price falling. XRP/USD Medium-term Trend: Bullish Resistance Levels: $ 0.
Following Sunday’s sudden rally and retracement, most leading crypto assets have produced sideways consolidation just below the support ranges established during the previous week. The major exceptions to the trend are XRP and ONT, both of which appear to have held above last week’s support zones.
A bullish surge last week resulted in Ethereum overtaking XRP to become the largest altcoin by market cap. The price has since been consolidating at the 50% retracement level between the December low and the January high.
The cryptocurrency markets have produced a slight retracement in response to bitcoin core (BTC) testing a long-term descending trendline dating back to December 2017’s record highs. The dip has seen bitcoin cash (BCH) slip back below $150, and BTC fail to hold above $4,000.
After a bullish start to 2019, the cryptocurrency markets are undergoing a small retracement over the past two days. Ethereum has had a particularly bullish end to 2018 and a bullish start to 2019 as it reclaimed its position as the largest altcoin by market cap by overtaking Ripple’s XRP.
EOS, which was the sixth most valuable cryptocurrency last week ranked behind stablecoin Tether (USDT) and Stellar (XLM) outpaced Stellar with a whopping 35 percent price surge from $1. 94 to $2. 62.
The majority of the cryptocurrency market is showing losses today as prices undergo a retracement. The market leader Bitcoin has slightly retraced from its recent highs, but many altcoins are showing steeper losses.
The start of the week has begun with a small retracement for the price action of the market leader Bitcoin. Price action over the weekend saw significant increases across the market with altcoins outperforming.
Ripple Price Key Highlights Ripple price recently fell through short-term consolidation to test the bottom of its channel. Support appears to be holding, so price could be due for a pullback to the descending channel resistance from here.
South Korean scientist YoungHoon Kim has sketched an extreme long-term view for XRP, saying the token could reach $1,000 within the next 10 years. Related Reading: JPMorgan Eyes Crypto Services As Institutional Demand Grows – A Boost For BTC Price? According to his posts on X, the forecast rests on a series of big macro shifts — a major flow of capital into crypto, a weaker US dollar, and prolonged high inflation.
XRP has spent the past several weeks moving sideways around the $2. 00 level, even as headlines around Ripple and the broader XRP ecosystem continue to stack up. Related Reading: Dogecoin Holds Demand Zone Above $0.
XRP has struggled to create any upside traction over the past few days, with the price rejecting above $2. 15 in the middle of the week and now back to lingering just above the $2 level. A new long-term technical comparison shared by crypto analyst ChartNerd places XRP’s price behavior since its July all-time high of $3.
XRP spent the past week caught between rising institutional demand and stagnant price action, creating a compression zone that traders say is becoming increasingly difficult to ignore. Related Reading: Wall Street Storms Ripple In Explosive $500 Million Deal Even as U.
The XRP market just hit a historic milestone as the first U. S. spot XRP ETF, Canary Capital’s XRPC, officially debuts on Nasdaq, sending bullish shockwaves for the XRP price and other assets in the market.
XRP has spent the past week on the continuation of a downtrend from the previous week, slipping from above $2. 50 before rebounding around $2. 12 and now hovering around $2. 30. The price action reflects a market struggling to find direction, caught between bullish optimism and lingering selling pressure.
XRP community figure Diep Sanh made a tongue-in-cheek prediction about future market behavior, saying investors would be “Shi**ing their pants” if XRP slid from $1,200 to $1,000 sometime around 2070.
