The entire cryptocurrency market hasn’t been doing too hot as of late, XRP included. According to Coin360, a popular crypto market analytics service, the price of Bitcoin, Ethereum, and a majority of other top cryptocurrencies are down over 20% in the past 30 days, flailing as bulls have failed to step in seemingly due to negative sentiment from China’s regulators about decentralized digital assets.
XRP to Break Out Against Bitcoin?
Despite this, an analyst is expecting for there to be growth in the price of XRP, at least against BTC anyway. Popular trader CryptoKaleo, who earlier this year was touting a price fractal analysis that was eerily accurate for days on end, noted that the XRP/BTC pair is on the verge of seeing a strong breakout. More specifically, a downtrend resistance line that has suppressed the pair for nearly two years is about to break to the upside.
Long $XRP, make easy $BTC. pic.twitter.com/tQVDhRKko5
— K A L E O (@CryptoKaleo) November 30, 2019
Considering the historical significance of this level, Kaleo noted that this may be a chance to “make easy Bitcoin.” (Of course, he infused his tweet with hyperbole, as there is no guarantee that the cryptocurrency will rocket higher once it manages to surmount that level, if at all. Therefore, his tweet, or this article for that matter, should not be interpreted as advice from a financial advisor.)
What’s interesting is that Kaleo’s call comes as pressure has built for a breakout in altcoins, which should translate to positive price performance for XRP, as the cryptocurrency is one of the largest non-BTC cryptocurrencies by market capitalization.
Per previous reports from Ethereum World News previously, Bitcoin Jack, a former analyst at cryptocurrency analysis and markets research group Bravado, noted that altcoins are starting to show some much-needed strength. He noted that the altcoin market capitalization to BTC pair could see some rapid growth should some technical analysis scenarios play out in full.
If we print a signal of strength, you better be paying attention because things could start moving like before
Alts are up 25% vs BTC since September 6 but if we see the SoS then we could quadrupple this quickly pic.twitter.com/xpBdEAiULC
— //Ethereum 𝕵ack 🐐 (@BTC_JackSparrow) November 26, 2019
He backed this call by looking to the fact that the aforementioned pair (ALTS/BTC) is in a compressional phase and about to break out of a bearish segment of the one-day Ichimoku Cloud as the Cloud has flipped bullish into the future, which is a “signal of strength” according to the analyst.
XRP has also seen some strong news over past few days, with the cryptocurrency and Ripple, for instance, being name-dropped on both BBC and Bloomberg just in the past week. Ripple has also received news that a British payments company wants to adopt a payments system that is based on XRP.
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Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.