Here’s Why XRP Could Soon Jump to the Upside After 20% Drop

Here’s Why XRP Could Soon Jump to the Upside After 20% Drop
фото показано с : newsbtc.com

2020-8-28 02:59

Like Bitcoin, XRP has faced a strong pullback over the past few days after peaking last week. As of this article’s writing, the leading altcoin is down 5% in the past 24 hours. XRP now trades for $0.265, which is below a number of pivotal technical resistances in the near term.

Related Reading: These 3 Trends Suggest Bitcoin Is Poised to Bounce After $1,000 Drop XRP Could Soon Reverse Higher

According to the Tom Demark Sequential, XRP will soon see a reversal to the upside. The technical indicator recently formed a “buy 9” candle per the TD Sequential, which suggests prices will soon move higher from current levels.

Chart of XRP's price action over the past few months from a Telegram channel tracking the Tom Demark Sequential. Chart from TradingView.com

This isn’t the only technical sign suggesting XRP will soon move higher. The head of technical analysis at Blockfyre, a crypto research firm, recently wrote the following on the XRP chart below: 

“$XRP Still consolidating around this ever so important S/R that dates back 3 years. Ultimately expecting this to move up over the next few months at it’s own pace. Eyes on .475 in the coming weeks… You despise money if you don’t own XRP. Maximum point of financial opportunity is right at these levels.”

Chart of XRP's price action over the past few years with analysis by crypto trader "Pentoshi" (@pentosh1 on Twitter). Chart from TradingView.com

There are also on-chain signals suggesting XRP will remain at high valuations for the time being:

“In spite of $XRP’s -9.2% retrace this past week, the active address output we’re seeing for the #3 market cap #crypto asset has remained high. #Ripple holders can take solace in it being one of the few #alts with a DAA bullish divergences we’ve identified.”

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, ETH DeFi Boom, BitMEX KYC All Eyes on Bitcoin

Bitcoin could end up dictating XRP’s directionality, though, especially as the crypto market is currently being dictated by macro market trends.

Analysts remain optimistic about BTC despite the recent weakness that culminated in a move to $11,150.

NewsBTC’s Tony Spiltoro shared this chart on Thursday. It shows that Bitcoin has formed a “buy 9” Tom Demark Sequential candle.

These candles are often seen when an asset is poised to reverse to the upside. Bitcoin rallying is likely to bring XRP higher, again because that the entire crypto market is closely linked.

Chart of BTC's recent price action by NewsBTC analyst Tony Spiltoro. Chart from TradingView.com Related Reading: Crypto Tidbits: Dave Portnoy Drops Bitcoin, Tether Supports Ethereum’s OMG Network, DeFi Still Hot Featured Image from Shutterstock Price tags: xrpusd, xrpbtc Charts from TradingView.com Here's Why XRP Could Soon Jump to the Upside After 20% Drop

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Ripple (XRP) на Currencies.ru

$ 0.52 (+0.05%)
Объем 24H $910.032m
Изменеия 24h: -0.17 %, 7d: -3.23 %
Cегодня L: $0.5172 - H: $0.5209
Капитализация $28.835b Rank 7
Цена в час новости $ 0.266 (95.49%)

xrp past writing week leading down trades

Источник: newsbtc.com

xrp past → Результатов: 126


XRP to ascend with descending broadening wedge pattern

XRP crossed a major barrier this week by breaching $30-key level but fell shortly after. After a surge of 2.05% over the past 24-hours, XRP rose to a valuation of $0.29, at press time. Lately, XRP’s price has been following an uptrend and as bears continued to dominate the market, a potential bullish breakout could […] The post XRP to ascend with descending broadening wedge pattern appeared first on AMBCrypto.

2019-10-20 00:30


XRP flirts close to descending triangle base; squeeze to prolong altcoin descent

XRP is feeling the squeeze. The past week was a roller coaster for XRP. A ratings council consisting of cryptocurrency exchanges like Coinbase, Kraken and Bittrex, and institutional players like Grayscale, DW Trading and Genesis Trading stated that XRP used “securities-like language,” and that it is more akin to being classified as a “security,” than […] The post XRP flirts close to descending triangle base; squeeze to prolong altcoin descent appeared first on AMBCrypto.

2019-10-5 14:30


XRP uses ‘securities-like language’, while Litecoin and Bitcoin stand clear, claims Crypto Rating Council

Will the real security please stand up? The debate around whether cryptocurrencies should be classified as “securities,” has been raging for the past few years. Heating up ever since companies began issuing their own “cryptocurrencies,” while distancing themselves from its inner governance, the case of what differentiates a company issuing an ownership share and a […] The post XRP uses ‘securities-like language’, while Litecoin and Bitcoin stand clear, claims Crypto Rating Council appeared first on AMBCrypto.

2019-9-30 15:08


Ripple’s XRP Current Price Decline, This Could Be the Reason

XRP has declined in price in the past few hours, and a lot of people are wondering what may have caused it. Is it due to the sudden decline in Bitcoin’s price, or is there more to it than the virtual asset is letting on? Nonetheless, a reason that can be attributed to XRP’s recent […] The post Ripple’s XRP Current Price Decline, This Could Be the Reason appeared first on ZyCrypto.

2019-8-14 23:04


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