For cryptocurrency markets and news site Brave New Coin, analyst Josh Olszewicz recently released an extensive video analysis on the XRP altcoin.
Near the end of the video, he brought up XRP’s chart against Bitcoin (XRP/BTC), giving his thoughts on the trading pair, specifically where the market could go next.
He noted that at around 3,000 satoshis per XRP, the cryptocurrency is looking extremely bearish as it is below the 200-day exponential moving average, below the Ichimoku Cloud on the daily, and is trading below a massive volume zone as marked by volume profiles, indicating strong resistance right overhead. In other words, “there’s no bullish anything here, [so the price action] will be grindy, and thus could revisit lows here.”
He went on to say that even in a vacuum, he doesn’t believe XRP looks good, ever, adding that investors should short the highs due to the long-term bearish trend formed after the blow-off top of early-2018.
XRP Could See Short-Term Surge
While Olszewicz is skeptical of XRP’s future performance from a longer-term perspective, there is evidence starting to suggest that a short-term bounce is on the horizon for both the cryptocurrency’s pair against the U.S. dollar and against BTC.
Per previous reports from Ethereum World News, CNN-featured cryptocurrency analyst Luke Martin recently noted that XRP/BTC has recently retaken a key support level that it has sustained for around a week in a row. This pivot purportedly is “bullish,” meaning Martin is “expecting outperformance.” He added that the current price action for the trading pair is very similar to the rounded bottom XRP formed in September, which preceded a strong breakout in the upward direction ahead of the Swell event.
This was echoed by Michael Van De Poppe, a noted cryptocurrency analyst who claims to be a trader at the Amsterdam Stock Exchange.
He noted that the pair is on the verge of breaking out of a downtrend that has constrained prices since the start of 2019, before adding that XRP has held a very important historical support level against Bitcoin, suggesting bullish strength is building.
Analyzing the asset’s performance against the dollar, Galaxy noted that the cryptocurrency is “looking ready” to rally 20% or so higher towards $0.28, drawing attention to the existence of a clear uptrend and the fact that the asset has flipped a number of key resistances into supports, boding well for the bullish case.
$XRP looking ready pic.twitter.com/dYzMviNQLe
— Galaxy (@galaxyBTC) January 22, 2020
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