Your favorite crypto news blog

XRP Gears Up For An Extended Bounce Despite Being More Vulnerable

Altcoins 2019/11/30 15:47 by Lorenzo Stroe
Will XRP Price Hit Rocket High Levels If Ripple 'Burns' Majority Of Tokens In Its Stash?

XRP has been undoubtedly weaker than Bitcoin and a few other major cryptocurrencies. The bounce experienced by the digital asset has clearly denoted worse levels and the bulls have been unable to break above the 12-period EMA on the daily chart. In contrast, Bitcoin has broken above the same EMA yesterday and continues to hold it today.

XRP Gears Up For An Extended Bounce Despite Being More VulnerableXRPUSD Chart By TradingView

The digital asset currently trades at $0.22745 after a mild consolidation today. Its trading volume has been significantly declining for the past 5 days which means a big move could be close to happening.

Another fundamental difference between XRP and other cryptos is the RSI level. XRP has barely been able to break above 30 points but the RSI continues to be quite low on the verge of breaking below the oversold area again.

This could help the bulls tremendously as it means they have a lot of room for growth. There is also little to no resistance for XRP aside from the EMA’s. The nearest resistance on the daily chart is all the way up at $0.315.

XRP vs Bitcoin

XRP is currently in a daily downtrend on the XRP/BTC chart but there is some support nearby at 0.000029 BTC. According to the market pundits, XRP could see some short-term gains against Bitcoin because of the factors mentioned above like no resistance nearby.

However, according to crypto analyst Bitcoin Jack, XRP also has no good support levels nearby which could mean more losses for the digital asset if the bulls cannot hold the selling pressure.

The ‘fair’ value of XRP continues to increase according to its fair value metric. It’s also pretty clear that the sentiment on XRP is really positive.

Another analyst on Twitter, Wüsten pointed out the fact that XRP seems to experience a huge bull run every 2 winters and that the last two winters were bearish which means this one could supposedly be a bull run.

Wüsten provided a few more charts to support his thoughts.

XRP is clearly in a small uptrend in the short-term as bulls look for the next big move, facing no resistance, the digital asset could very well jump back up to $0.30, however, the lack of support can also mean a drop-down to lower lows possibly below $0.2.

The post XRP Gears Up For An Extended Bounce Despite Being More Vulnerable appeared first on ZyCrypto.

0 Like(s)

You should also read...

Altcoins 19/11/19 05:28 by Aayush Jindal
Ripple (XRP) Price Trend Overwhelmingly Negative, Bitcoin Diving
Ripple price is declining and trading below the $0.2560 pivot level against the US dollar. Bitcoin is down more than 3% today and Ethereum broke a major support near $178. There is a new connecting b...
Read More
Crypto 29/11/19 18:15 by Jamie Redman
German Banks Authorized to Store and Sell Cryptocurrency in 2020
Next year German banks will be able to manage cryptocurrencies like bitcoin after the fourth EU money laundering directive goes into effect. The directive passed in the German parliament, Bundestag, a...
Read More
Altcoins 02/12/19 21:00 by Rick D.
Australian Users of Crypto Exchange Can Now Make Instant Deposits with Ripple ODL
Australian users of the crypto exchange Bitstamp will now be able to deposit US dollars to their account instantly using a Ripple-powered money transfer service called Flash FX. Transfers to the long-...
Read More
Bitcoin 06/12/19 18:52 by Lorenzo Stroe
Bitcoin Flips Green, But Are The Bulls Ready to Hit $10,000?
Bitcoin has seen two days of wild action after Wednesday’s bull fakeout where the price was pushed up to $7,750 within one hour. The digital asset traded sideways for a few hours before crashin...
Read More
Crypto 13/12/19 00:30 by Lubomir Tassev
German Fintechs Rush to Offer Crypto Custody Services Under New Law
Fintech companies in the Federal Republic are quickly moving to develop and offer custodial solutions for digital assets under the new German legislation that will allow banks to store, transfer and t...
Read More