There’s no doubt XRP saw poor performance in 2019. During that year, the price of the asset against the U.S. dollar fell by 50%, managing to underperform a swath of traditional asset classes, from stocks and bonds to precious metals and commodities.
Because Bitcoin saw a strong 2019, rallying by over 90%, the XRP/BTC pair fell dramatically, even more so than the altcoin’s pair against the dollar and other fiat currencies. One XRP, in fact, is now valued at under 3,000 satoshis — far below all-time highs.
But, a number of analysts recently explained in charts that the cryptocurrency may soon mount a strong comeback against the market leader.
XRP Against Bitcoin Pair May Soon Burst Higher
Prominent cryptocurrency trader TraderXO recently noted that the past year of performance for XRP against BTC has been trading in a manner similar to a chart pattern or schematic described by legendary chartist Richard Wyckoff.
The schematic is the Wyckoff Accumulation pattern. It is marked by a steep decline into a range, a number of retests of the range’s resistance and support, then a strong breakout of a similar magnitude of the crash that led into the range.
$XRP – Once in a while you gotta stop and look around…. you could miss it
Spring it! pic.twitter.com/45VcIwt7xZ
— TraderXO (@TraderX0X0) February 1, 2020
The textbook schematic indicates that XRP is currently in Phase C of accumulation, which correlates with a strong surge in prices back to the range high, which is at 3,600 satoshis, 44% higher than the current XRP price against Bitcoin of around 2,500 satoshis.
Should the Wyckoff schematic play out in full, the price of the altcoin will surge towards 5,000 satoshis, and maybe beyond, the schematic indicates.
Although the accuracy of Wyckoff analysis hasn’t been determined for altcoins, it has worked for Bitcoin many times on previous occasions. Earlier this month, Financial Survivalism used Wyckoff analysis to predict Bitcoin would rally to $9,000 by mid-January. The price of BTC did just that, just as the schematic depicted.
Flurry of Other Factors Suggest Strength
This comes shortly after prominent Bitcoin trader Smokey noted that while XRP’s Ichimoku Cloud is not yet bullish, other major altcoins are “going strong,” meaning that XRP should have a propensity to increase against BTC in the coming weeks. He added that the asset remains above weekly support, boding well for bulls.
Longed XRP on Mex
Going against Ichimoku here, but majors are going strong. Can't really see all the majors popping off and XRP not.
It's sitting on weekly support here.
So let's get this bread. pic.twitter.com/tMiXFEiImG
— TraderSmokey (@SmokeyXBT) January 30, 2020
Michael Van De Poppe, trader at the Amsterdam Stock Exchange, noted in a TradingView analysis that the current price action in the XRP/BTC pair is looking very similar to a historical bottom.
Not to mention, Ripple recently revealed that it is selling much less XRP than it was a year earlier, which should aid price appreciation.
Related Reading: Bitcoin to Be One of the 2020s’ Top Investments: Ex-Goldman Sachs Exec Says Why
Featured Image from Shutterstock The post appeared first on NewsBTC. origin »
It is February 1 and bitcoin is up by a modest 0. 52 percent. The benchmark cryptocurrency left an impressive month behind in January, returning 30. 27 percent in profits against an otherwise gloomy global market outlook.
Ethereum has seen some incredibly strong price action over the past several days and weeks, with ETH’s massive 2020 rally coming against the backdrop of immense bullishness within the aggregated cryptocurrency markets.
Bitcoin price traded to a new 2020 high at $9,569 before starting a downside correction. BTC to USD is now trading near a major support at $9,170, where the bulls are likely to take a stand. Key Takeaways: BTC/USD Bitcoin price is currently correcting lower from well above the $9,550 level against the US Dollar. […]
Bitcoin spiked above $9,400 and $9,500 against the US Dollar. BTC traded to a new yearly high at $9,569 and it is currently showing signs of a downside correction. Bitcoin price is likely forming a short term top near the $9,570 level against the US Dollar.
Ripple is slowly rising and it recently climbed above the $0. 2400 resistance against the US Dollar. XRP price remains in a steady uptrend and it is likely to continue higher towards $0. 3000. Ripple price is trading in an uptrend above $0.
Ethereum price surged more than 5% and broke the key $180 resistance area against the US Dollar. ETH traded as high as $187 and it is currently correcting gains. Ethereum is showing a lot of positive signs and it recently climbed above $180 against the US Dollar.
Bitcoin corrected lower, but stayed above the $9,150 support against the US Dollar. BTC bears need to push the price below $9,150 or the price could rally above $9,500. Bitcoin price is holding a crucial support area near the $9,150 level against the US Dollar.
Ripple started a fresh decline after it failed to surpass the $0. 2400 resistance against the US Dollar. XRP price might revisit the $0. 2250 support area before a new bullish wave. Ripple price is declining and it seems like the bears protected the $0.
Ethereum price started a downside correction from the key $180 resistance area against the US Dollar. ETH is currently below $175, but it is holding the 100 hourly simple moving average. Ethereum failed to climb above $180 once again and recently declined below $175 against the US Dollar.
Bitcoin’s firm 2020 uptrend has allowed major altcoins to incur some much-needed momentum, with many major cryptos currently pushing up against key multi-year resistance levels that have been suppressing their price action for years.
Ethereum price is rising and it recently broke the $169. 50 and $175. 50 resistance levels vs the US Dollar. ETH to USD traded as high as $178. 29 and it is likely to continue higher. Key Takeaways: ETH/USD Ethereum price is trading in a nasty uptrend above the $169.
XRP is struggling against Bitcoin for the last few days, but performing well against the dollar. XRP ‘s price has increased by 42% since the starting of the year. XRPUSD is currently trading at 0.
Bitcoin extended its rally above the $9,200 resistance against the US Dollar. BTC tagged the $9,400 area and now it could correct lower towards $8,800 or $8,500. Bitcoin price is approaching a couple of key resistances near $9,500 against the US Dollar.
Ethereum is up 2% and it broke the $175 resistance, while bitcoin rallied 5%. ETH price is now facing a strong resistance near the $178 and $180 levels. There was a steady rise in Ethereum above the $170 and $175 levels against the US Dollar.
The cryptocurrency market tends to move in one direction, which is mostly defined by Bitcoin’s price action. However, a recent report shows that several cryptos have proved to be highly uncorrelated.
Bitcoin gained bullish momentum above the key $8,800 resistance. As a result, BTC price surpassed $9,000 and it seems like the bulls are now aiming a test of $9,500. Bitcoin price is rising and it is now trading nicely above $9,000 against the US Dollar.
Ripple is slowly rising above $0. 2300 against the US Dollar and following both Ethereum and bitcoin. XRP price is likely to continue higher towards $0. 2500 or $0. 2850 in the coming days. Ripple price is trading with a bullish bias above the $0.
Ethereum gained momentum and broke the key $170 resistance and bitcoin rallied above $9,000. ETH price seems to be forming a larger trend and it could even clear $180. There were decent bullish moves in Ethereum above the $165 and $170 levels against the US Dollar.
Bitcoin found a strong buying interest above $8,200, resulting in a fresh increase above $8,500. BTC price is currently above $8,600 and the bulls seem to be eyeing a break above $8,800 and $9,000.
Bitcoin cash price started a strong rally from $300 and it gained more than 15%, whereas BTC is struggling near $8,700. BCH/USD could continue to rise towards $400 in the near term. Bitcoin cash price is up more than 15% and it broke the $350 resistance area against the US Dollar.
Ethereum found support near the $158 area and climbed around 5%, just like bitcoin. However, ETH price is facing a strong resistance near $170, above which it could continue higher. After forming a support base near the $158 level, Ethereum recovered above $162 against the US Dollar.
Bitcoin started a downside correction from the 2020 high at $9,191 against the US Dollar. However, BTC price is still in an uptrend and it could find buyers near $8,000 or $7,670. Bitcoin price started a short term downside correction below $9,000 and $8,800.
Ethereum is down more than 10% from the 2020 high against the US Dollar, similar to bitcoin. ETH price is likely to test the $148 support area before a fresh increase. ETH price is currently correcting lower from the $179 swing high against the US Dollar.
Bitcoin price declined recently and traded below the $8,575 support area. BTC to USD is currently recovering from $8,217, but there are many hurdles on the upside. Key Takeaways: BTC/USD Bitcoin price is currently correcting losses after a sharp decline towards $8,200 against the US Dollar.
Bitcoin price failed to stay above the key $8,500 support area and extended its decline against the US Dollar. BTC price is likely to continue lower towards $8,000 or $7,880. Bitcoin started a strong corrective decrease from the $9,200 resistance area.
Ripple extended its decline and broke the key $0. 2270 support against the US Dollar, similar to bitcoin below $8,500. XRP price is now at a risk of more losses towards $0. 2050 or $0. 2000. Ripple price is gaining bearish momentum and it is now well below $0.
Ethereum price is declining and it recently broke the $160 support, similar to bitcoin. ETH price is likely to continue lower below the $158 and $155 support levels in the near term. Ether price is showing a few bearish signs below the $162 level against the US Dollar.
After a strong upward move, bitcoin cash price formed a top near the $405.00 area. Recently, BCH to USD started a downside correction and it is now at a risk of more losses below $335.00. Key Takeaways: BCH/USD Bitcoin cash price is slowly declining and it is now trading below the $350.00 support against the […]
Bitcoin bulls are facing an uphill task near $8,700 and $8,800 against the US Dollar. BTC price could either rally above $8,800 or decline heavily below $8,470 in the coming sessions. Bitcoin is showing a few bearish signs after it was rejected near $8,800.
Ripple failed to surpass the $0. 2400 resistance area against the US Dollar, similar to bitcoin near $8,800. XRP price is currently declining and it seems vulnerable to a drop below $0. 2300 and $0.
Ethereum failed to settle above the $170 resistance and bitcoin struggled above $8,700. ETH price is currently declining and it seems like it could decline heavily if it breaks $162. Ether price is starting to move into a bearish zone below $165 against the US Dollar.
Ever wondered what are the factors which led bitcoin price to such heights? How bitcoin price is determined? Well, we have got answers of all the queries regarding bitcoin’s price. Bitcoin price is measured against fiat currency, such as American Dollars (BTCUSD), Chinese Yuan (BTCCNY) or Euro (BTCEUR).
Bitcoin reversed after a sharp dip towards the $8,400 support area against the US Dollar. BTC price is now signaling more upsides above $8,800 and $9,000 in the coming sessions. Bitcoin price bounced sharply and formed a bullish engulfing pattern above $8,550 against the US Dollar.
Ripple is currently recovering above $0. 2325 against the US Dollar and bitcoin is trading above $8,700. XRP price is likely to surge towards $0. 2500 or $0. 2600 once it clears the $0. 2400-$0. 2420 resistance.
Ethereum is slowly rising from the $162 support area, similar to bitcoin from $8,500. ETH price could start a decent increase to $180 or $185 if it settles above $170. Ether price is showing a few positive signs above the $162 and $165 support levels against the US Dollar.
Bitcoin is currently consolidating above the key $8,500 support area against the US Dollar. BTC price could start a fresh rally if it clears the $8,800 resistance area. Bitcoin price is confined in a range above the main $8,500 support against the US Dollar.
Ripple tested the key $0. 2240 support area and recovered against the US Dollar, similar to bitcoin. XRP price is showing positive signs and it could rally to $0. 2550 if it breaks $0. 2420. Ripple price is recovering nicely from the $0.
Ethereum is trading nicely above the $162 and $158 support levels, similar to bitcoin above $8,500. ETH price is likely forming an inverse head and shoulders pattern, suggesting a fresh increase. Ether price is currently consolidating above the $162 support area against the US Dollar.
There’s a new concept called Powswap that lets people speculate on hashrate in order to hedge against price volatility. Powswap was developed by the software engineer Jeremy Rubin who believes hashrate derivatives products allow people to leverage new trading strategies.
Bitcoin price is currently declining and trading well below $8,800. BTC to USD is approaching the key $8,460 support, which holds the key for the next move. Key Takeaways: BTC/USD Bitcoin price is struggling to climb back above $8,700 and $8,800 against the US Dollar.
Bitcoin failed to extend gains above $9,200 and started a downside correction against the US Dollar. BTC price tested the $8,500 support and it could bounce back. Bitcoin price is down more than 5% from the $9,186 high against the US Dollar.
Ripple extended its rise above the $0. 2450 resistance against the US Dollar, similar to bitcoin above $8,800. XRP price topped near the $0. 2540 area and recently corrected lower. Ripple price is down more than 6% and broke the $0.
Ethereum started a sharp decline from the $180 resistance, similar to bitcoin from $9,200. ETH declined towards $160, but it is likely to find strong bids near $158. Ether price was rejected near the $180 area and it declined below $165 against the US Dollar.
Bitcoin is climbing steadily above $8,800 and $9,000 against the US Dollar. BTC price could start a massive rally towards $10K and $11K if there is a daily close above $9,300. Bitcoin price is gaining momentum above the $9,000 resistance area against the US Dollar.
Ethereum gained bullish momentum above the $170 resistance against the US Dollar, and bitcoin jumped above $9K. ETH price is likely to continue higher towards the $195-$200 resistance area. ETH price is showing a lot of positive signs above the $165 and $170 levels against the US Dollar.
Ethereum’s value against bitcoin has finally began rising this week with some big jumps as pictured above. Ethereum’s price against bitcoin increased by 10%, up from circa 17 mBTC to.
Bitcoin price is showing a lot of positive signs above the $8,500 and $8,700 support levels. BTC to USD is currently correcting from $9,009, but it remains well supported on the downside. Key Takeaways: BTC/USD Bitcoin price is trading in a nice uptrend above the $8,500 support area against the US Dollar. BTC/USD is following […]
Bitcoin corrected lower below $8,700, but it found a strong support above $8,500 against the US Dollar. BTC price is currently rising and it could rally if it clears the $8,840-$8,900 resistance area.
Cryptocurrencies remained downbeat on Friday, December 5, with sentiment deteriorating across leading assets. Meanwhile, the latest ETF flow stats confirm this weakness, with Bitcoin and Ethereum exchange-traded products struggling as new products attracted fresh funds.
Ripple (XRP) seems to have lost steam after recording gains over the past two days. The second-largest altcoin by market cap is trading at around $2. 17, with the bulls pushing to regain control of the trend.
Bitcoin traded just above $93,416 on Thursday as expectations mounted that the US Federal Reserve would cut interest rates next week. During the morning session, the cryptocurrency dipped to $92,612 before climbing to an intraday high of $94,002, reflecting renewed momentum after several weeks of turbulence.
Crypto markets staged a major turnaround on Tuesday as traders reacted to rising expectations of US interest-rate cuts and a surge in spot Bitcoin ETF activity following Vanguard’s decision to end its ban on Bitcoin ETF purchases.
The cryptocurrency market kicked off December with a downbeat mood as negative sentiments prevailed. At the same time, yesterday’s inflows data confirmed a divided landscape among leading spot exchange-traded funds (ETFs), which have become the primary indicator of institutional appetite in digital currencies.
The cryptocurrency market experienced a dip on Monday but instantly bounced back. Bitcoin briefly dropped to the $84k level but is now trading above $86k per coin. XRP, Ripple’s native coin, also dipped on Monday, but the $1.
Coinbase stock (NASDAQ: COIN) plummeted 5% in pre-market trading on Monday, as the crypto sector entered December under assault. Bitcoin shed more than 5% to trade below $86,600, while Ethereum collapsed 5.
