HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Here’s Why XRP Could Soon Jump to the Upside After 20% Drop

Altcoins 2020/08/28 01:59 by Nick Chong

Like Bitcoin, XRP has faced a strong pullback over the past few days after peaking last week. As of this article’s writing, the leading altcoin is down 5% in the past 24 hours. XRP now trades for $0.265, which is below a number of pivotal technical resistances in the near term.

Related Reading: These 3 Trends Suggest Bitcoin Is Poised to Bounce After $1,000 Drop

XRP Could Soon Reverse Higher

According to the Tom Demark Sequential, XRP will soon see a reversal to the upside. The technical indicator recently formed a “buy 9” candle per the TD Sequential, which suggests prices will soon move higher from current levels.

Chart of XRP's price action over the past few months from a Telegram channel tracking the Tom Demark Sequential. Chart from TradingView.com

This isn’t the only technical sign suggesting XRP will soon move higher. The head of technical analysis at Blockfyre, a crypto research firm, recently wrote the following on the XRP chart below: 

“$XRP Still consolidating around this ever so important S/R that dates back 3 years. Ultimately expecting this to move up over the next few months at it’s own pace. Eyes on .475 in the coming weeks… You despise money if you don’t own XRP. Maximum point of financial opportunity is right at these levels.”

Image

Chart of XRP's price action over the past few years with analysis by crypto trader "Pentoshi" (@pentosh1 on Twitter). Chart from TradingView.com

There are also on-chain signals suggesting XRP will remain at high valuations for the time being:

“In spite of $XRP’s -9.2% retrace this past week, the active address output we’re seeing for the #3 market cap #crypto asset has remained high. #Ripple holders can take solace in it being one of the few #alts with a DAA bullish divergences we’ve identified.”

Related Reading: Crypto Tidbits: MicroStrategy’s $250m Bitcoin Purchase, ETH DeFi Boom, BitMEX KYC

All Eyes on Bitcoin

Bitcoin could end up dictating XRP’s directionality, though, especially as the crypto market is currently being dictated by macro market trends.

Analysts remain optimistic about BTC despite the recent weakness that culminated in a move to $11,150.

NewsBTC’s Tony Spiltoro shared this chart on Thursday. It shows that Bitcoin has formed a “buy 9” Tom Demark Sequential candle.

These candles are often seen when an asset is poised to reverse to the upside. Bitcoin rallying is likely to bring XRP higher, again because that the entire crypto market is closely linked.

bitcoin btcusd td 9 buy setup signalChart of BTC's recent price action by NewsBTC analyst Tony Spiltoro. Chart from TradingView.com
Related Reading: Crypto Tidbits: Dave Portnoy Drops Bitcoin, Tether Supports Ethereum’s OMG Network, DeFi Still Hot
Featured Image from Shutterstock
Price tags: xrpusd, xrpbtc
Charts from TradingView.com
Here's Why XRP Could Soon Jump to the Upside After 20% Drop

0 Like(s)



You should also read...

Bitcoin 13/06/20 09:41 by Nick Chong
Eerie Bitcoin Fractal Predicts It May Be Just Weeks Before BTC Hits $14,000
After rallying as high as ~$10,100 on leading exchanges this week, Bitcoin plunged off a proverbial cliff. Within 12 hours after hitting the highs, the cryptocurrency dipped by almost $1,000, crushed ...
Read More
Altcoins 04/08/20 01:59 by Nick Chong
There’s a “Real Chance” XRP Could Triple in the Long Run: Analyst
Believe it or not, XRP has been one of the best performing crypto assets of the past ten days. After a brutal bear market that brought it 97% below its $3.50 all-time high, the asset surged past $0.30...
Read More
Altcoins 15/08/20 02:23 by Nick Chong
Stellar Lumens (XLM) Is Poised to Bounce Against Bitcoin: Here’s Why
Stellar Lumens (XLM) has retraced against Bitcoin over recent days, failing to follow other leading altcoins higher. Indicators suggest the altcoin may soon outperform Bitcoin — a sentiment in line ...
Read More
Altcoins 24/08/20 12:00 by Nick Chong
XRP Is Poised to Almost Double in the “Coming Weeks”: Here’s Why
XRP has been diligently following Bitcoin over the past few days, retracing as the leading cryptocurrency has. The asset trades up 1% in the past 24 hours, trading at the $0.285 level. While the asset...
Read More
Altcoins 25/08/20 12:00 by Nick Chong
XRP Prints Strong On-Chain Signal Despite Price Stalling Under $0.30
Following the leads of Bitcoin and Ethereum, XRP has stalled in the past 24 hours after a short push higher. The altcoin has flatlined around $0.285 over the past day, consolidating under the pivotal ...
Read More