According to popular trader TraderSZ, XRP’s performance against the U.S. dollar isn’t looking too hot. In fact, the cryptocurrency has slipped under $0.23 again after showing some strength earlier this week. He thus remarked that as long as XRP remains under the mid-range level of $0.266, he would be inclined to suggest that a move to $0.135 — some 40-45% lower than current prices — will pan out over the coming weeks and months.
In a recent TradingView post, he explained his reasoning for this call. Firstly, Magic remarked that that XRP has lost the support of an uptrend channel it has been situated in for a majority of its history as a tradable asset. That’s not all, the analyst continued that the 50-week and 200-week moving averages have purportedly been lost as well, all while the price has formed lower highs and lower lows.
Bitcoin to Follow XRP Lower
While XRP moves largely independently of Bitcoin on a macro scale, the analyst expects for the leading cryptocurrencies, BTC and Ethereum included, to also suffer in the coming bear bout that he expects.
Adding to his above analysis on the third-largest cryptocurrency, TraderSZ noted that “Bitcoin and everything else is about to get it too… [it won’t be] just XRP on its own, lol.”
btc and everything else about to get it to…not just xrp on its own lol
Indeed, there seems to be sentiment that corroborates that a collapse in Bitcoin, and thus a majority of the cryptocurrency market, is coming up.
Popular trader Inmortal Technique recently observed that the uptrend from the $6,600 level has been increasingly bearish, with each impulse higher (of which there were three) having less buying volume, implying bulls were losing momentum. That’s not to mention that the three impulses higher fell short of a clear support zone close to the $8,000s. He thus claimed that the “party is over.”
Jonny Moe noted that the recent price action satisfies a rising wedge he drew out on his chart. Rising wedges are bearish chart patterns seen in financial markets that often reject lower. A loss of the triangle could imply that BTC will reenter the $6,000s.