Like it or not, XRP hasn’t fared too well over the past few years. Since its blow-off top in January of 2018, during which the cryptocurrency traded above $3.00, the price of XRP has crashed, falling to $0.24 where it is now and as low as $0.17. That represents an over 90% drop from the all-time high. The cryptocurrency has lost a similar amount against Bitcoin (the XRP/BTC pair).
Yet, analysts are becoming convinced that the altcoin against the leading cryptocurrency may soon move higher.
Cryptocurrency trader “TraderSmokey” noted that XRP’s BTC pair is “looking good,” depicting that the pair has broken out of a long-term falling wedge to only consolidate into a short-term falling wedge, implying an imminent breakout to the upside. He said that this consolidation coupled with the bullish Ichimoku Cloud is setting XRP up to surge around 6-7% against BTC.
BTC pair, looking for a flip at 2800 Sats.
4h Cloud looks good. pic.twitter.com/AmRVBeeKXP
— Smokey Hosada (@BeegSmokey) February 3, 2020
Not Only Thing Suggesting XRP To Move Higher
It isn’t only the above that suggests XRP/BTC will continue to surge higher in the coming days.
According to a Telegram channel tracking TD Sequential indicator signals on a number of assets, cryptocurrencies and commodities especially, the XRP/BTC one-day chart saw a “Buy 9” (notably different than the Buy 13 candles seen with BTC, but bullish nonetheless) candle during Friday’s trading session. Should the indicator play out as it does in textbooks, XRP could soon begin to rally against Bitcoin.
Also, per previous reports from this very outlet, analyst Bitcoin Jack noted that the XRP/BTC trading pair has a bullish setup forming, recently forming somewhat of a bottom at key levels. He claims that the cryptocurrency could soon surge from 2,536 satoshis to 2,879 satoshis — a gain of 13.5% over the coming weeks.
On a longer-term basis, TraderXO noted that 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, and it implies that XRP is currently in Phase C of accumulation, which correlates with a strong surge in prices back to the range high.
Should the Wyckoff schematic play out in full, the price of the altcoin will surge towards 5,000 satoshis, and maybe beyond.
Photo by Griffin Wooldridge on Unsplash