2020-7-30 23:00 |
XRP’s price rallied overnight and is finally starting to see some of the momentum that has recently been incurred by the rest of the crypto market Despite this, analysts are noting that there are some troubling signs regarding the crypto’s near-term strength As a result of these signs, one analyst is even going so far as to note that XRP has one of the worst charts of all cryptocurrencies He explained that its upwards price action doesn’t matter so long as it remains beneath $0.25 He also points to a few lower time frame rejections it has posted over the past day
It’s no secret that XRP has been one of the worst-performing major digital assets throughout much of 2019 and 2020.
Despite many cryptocurrencies incurring parabolic momentum in recent weeks, it has remained stuck within the lower-$0.20 region.
Its stagnating price comes as capital inflows remain tempered, with investors being cautious of investing in the embattled token.
This has resulted in it forming a less-than-desirable technical situation. One analyst is even expecting it to see further near-term downside despite its slight rise in recent days.
XRP Shows Signs of Weakness Despite Market-Wide UptrendThe entire crypto market is currently caught within the throes of an intense uptrend. This has been one of the few occasions since the 2017 bubble burst in which Bitcoin, large altcoins, and small altcoins have all been able to rally in tandem.
This uptrend also comes as the nascent market trades against a backdrop of global turbulence.
Overall, this ongoing rally does seem to have positive long-term implications. Still, it may also be highlighting the possibility that XRP is going to begin ceding its share over the market.
At the time of writing, XRP is trading up nearly 4% at its current price of $0.24. This marks a notable rise from daily lows of just over $0.21.
Its ongoing upswing is one of the first notable price pumps that it has posted over the past week.
However, it is still lagging far behind virtually all of its peers.
Here’s Why the Token Remains in a Precarious Position Below $0.25Analysts aren’t feeling too optimistic about XRP’s mid-term outlook.
One trader explained in a recent tweet that $0.25 is the crucial level for the token to break above, and its inability to do so seems to be a grim sign.
He even goes so far as to note that the token has one of the “worst looking charts” of all cryptocurrencies.
“XRP / USD: One of the worst looking charts in my opinion, even though we have seen some upside over the past month this really doesn’t matter considering we are yet to break $0.25… This region needs to be taken out and flipped before you can be really bullish, LTF rejecting.”
Image Courtesy of Cactus. Chart via TradingView.The coming days should reveal whether or not XRP will be able to break above this key level.
Featured image from Unsplash. Chart from TradingView.Similar to Notcoin - TapSwap on Solana Airdrops In 2024
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