Bitcoin has continued to consolidate around the lower-$8,000 region, which has given most major altcoins some leeway to post decent gains today. XRP has climbed back above its key support level at $0.25, while Ethereum has climbed towards $180.
One prominent analyst who had previously noted that XRP was at risk of falling significantly lower in the near-term is now noting that the crypto is showing some signs of having established a long-term bottom against its Bitcoin trading pair, and parabolic gains could be imminent.
XRP Climbs Over 2%, Forms Potential Bottom Against BTC Trading Pair
At the time of writing, XRP is trading up over 2% at its current price of $0.253, which marks a notable surge from its recent lows of $0.24 that were set yesterday.
The crypto has been caught within a relatively large trading range for the past several days and weeks, consistently finding resistance around $0.26 while continuing to find strong support around $0.24.
It’s relatively lackluster price action as of late may soon be drawing to a close, as multiple prominent analysts are now noting that it may be gearing up for significant gains against Bitcoin in the coming weeks and months.
Peter Brandt, a popular and prominent analyst on Twitter, spoke about this in a recent tweet, noting that evidence points to the possibility that the embattled crypto is in fact forming a long-term bottom against Bitcoin.
“There is some chart evidence that $XRP is bottoming against $BTC $XRPBTC,” he noted while pointing to the chart seen below.
While offering a similar, albeit more overtly bullish sentiment, GalaxyBTC – a popular crypto analyst – explained that XRP just incurred a technical signal that has historically been followed by bull movements clocking gains between 170% and 4,600%.
“$XRP/BTC: Every bullish MACD crossover on the weekly chart was followed by significant price increases. Lowest gain 170%+ Best 4600%+ Recently, MACD turned bullish once again,” he said while pointing to the below chart.