XRP has been undoubtedly weaker than Bitcoin and a few other major cryptocurrencies. The bounce experienced by the digital asset has clearly denoted worse levels and the bulls have been unable to break above the 12-period EMA on the daily chart. In contrast, Bitcoin has broken above the same EMA yesterday and continues to hold it today.
The digital asset currently trades at $0.22745 after a mild consolidation today. Its trading volume has been significantly declining for the past 5 days which means a big move could be close to happening.
Another fundamental difference between XRP and other cryptos is the RSI level. XRP has barely been able to break above 30 points but the RSI continues to be quite low on the verge of breaking below the oversold area again.
This could help the bulls tremendously as it means they have a lot of room for growth. There is also little to no resistance for XRP aside from the EMA’s. The nearest resistance on the daily chart is all the way up at $0.315.
XRP vs Bitcoin
XRP is currently in a daily downtrend on the XRP/BTC chart but there is some support nearby at 0.000029 BTC. According to the market pundits, XRP could see some short-term gains against Bitcoin because of the factors mentioned above like no resistance nearby.
However, according to crypto analyst Bitcoin Jack, XRP also has no good support levels nearby which could mean more losses for the digital asset if the bulls cannot hold the selling pressure.
The ‘fair’ value of XRP continues to increase according to its fair value metric. It’s also pretty clear that the sentiment on XRP is really positive.
Another analyst on Twitter, Wüsten pointed out the fact that XRP seems to experience a huge bull run every 2 winters and that the last two winters were bearish which means this one could supposedly be a bull run.
Xrp / Patterns / Winter Pivot
The next geometric progression will be greater than the previous one, no matter how long it persists (tightening pattern).
It’s exactly the same as Fibonacci expansion, the Force of Nature itself.
The first chart is crystal clear imho.
XVIII pic.twitter.com/OR5IOOxtFV
— Wüsten (@Krieg369) November 30, 2019
Wüsten provided a few more charts to support his thoughts.
XRP is clearly in a small uptrend in the short-term as bulls look for the next big move, facing no resistance, the digital asset could very well jump back up to $0.30, however, the lack of support can also mean a drop-down to lower lows possibly below $0.2.
The post XRP Gears Up For An Extended Bounce Despite Being More Vulnerable appeared first on ZyCrypto.
Leave a Reply
This site uses Akismet to reduce spam. Learn how your comment data is processed.
