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XRP has had a rough 2019, with the embattled cryptocurrency setting fresh yearly lows just in the past several weeks with its drop down to $0.20. This bearishness has led XRP to be one of the worst performing major cryptocurrencies in the markets over this past year, and it does appear that further losses could be imminent.

Analysts are noting, however, that XRP could see some gains against its BTC trading pair in the near-term, should it hold strong above a key support level.

XRP Trades Sideways After Bouncing from Daily Lows

At the time of writing, Ripple (XRP) is trading sideways at its current price of $0.22, which marks a notable climb from its daily lows of $0.21 that were set last night.

These lows were set concurrently with Bitcoin’s drop to lows of $7,000 yesterday, and similarly, XRP’s bounce from these lows came about after BTC posted a strong surge up to $7,800.

Over a one-week period, XRP is trading down notably from its weekly highs of $0.233 but has been able to climb significantly from its recent lows of $0.20 that were set in late-November during the market downturn that was led by BTC’s dip to $6,500.

In the near-term, XRP may see some further relief if it is able to surge against its BTC trading pair, with Bitcoin Jack, a popular cryptocurrency analyst on Twitter, telling his followers last week that he believes the embattled crypto could surge if it is able to bounce from 0.0002695, which is down slightly from its current price of 0.00002947.

“Let’s give $XRP another go. Support here looks like shit, if it breaks this is where I want to get long. Looks like a decent opportunity to trade it back towards range high,” he explained

Ripple Likely to End 2019 on a Rough Note

Josh Olszewicz, another popular cryptocurrency analyst on Twitter, explained in a recent tweet that XRP has traded for 21 quarters, with an average quarterly growth of 114%.

“$XRP has traded for 21 quarters; – Avg Q = 114% – 10 Pos Q – 11 Neg Q – Pos Q Avg = 276% – Neg Q Avg = -32% – 6 of 8 Qs have been neg since Jan 2018, w/ Pos Q <30%,” he noted while referencing the chart seen below.

Despite having high average quarterly growth, it appears that XRP is going to end 2019 down slightly from where it started the year at $0.35, and down even more significantly from its 2019 highs of nearly $0.50.

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Cole Petersen , 2019-12-04 21:00:51

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

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Nick Chong , 2019-11-10 12:00:38

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