Crypto Analysts Predict XRP Price Rally Against BTC
13 Maio 2023 - 7:30AM
NEWSBTC
Market analysts are watching Ripple’s XRP for a potential price
surge against the world’s leading digital currency, Bitcoin. XRP,
known for its lightning-fast transaction speed and secure
blockchain technology, has recently experienced a rollercoaster
ride due to its lawsuit with the US Securities and Exchange
Commission. Related Reading: Will Listing Of Floki Inu On Brazil’s
Largest Exchange Boost Meme Coin’s Price? However, an XRP and BTC
chartist, Cryptoes, predicts a trend reversal for XRP based on
current indicators on the chart. Analysts See A Pump In XRP
Price Against Bitcoin The performance of XRP since the beginning of
April has been very low compared to that of Bitcoin. This led to a
notable decline in the XRP/BTC pair over the last five weeks. Its
poor performance does not affect how certain analysts picture the
token. The positive view of XRP’s price can be attributed to a key
support level at its current position. Cryptoes called crypto
enthusiasts’ attention to this occurrence in a tweet, revealing
that the weekly chart of the XRP/BTC pair projects a major support
level. The chart revealed that XRP’s price had slowed against
Bitcoin’s since April 3. However, the support level could prevent
further decline of XRP tokens as it might be the bottom point. He
added that the token might consolidate for weeks before initiating
a rally. Another popular crypto analyst, Egrag, has a different
view from Cryptoes. According to him, the market currently projects
a bearish trend. His reason is hinged on the movements of two
Simple Moving Averages (SMA), the 20 and 100 moving averages on the
same chart. Related Reading: Ethereum Loses Grip On $1,800: Will
The Bulls Barge In To Save The Day? According to Egrag, the 20
Simple Moving Averages (SMA) place sell pressure on the coin’s
price. As such, the 100-moving average is a strong resistance
against the current price of XRP. It could be difficult for the
token to break out from such resistance. He believes that the
presence of these indicators signals market weakness, and XRP could
yield to them. But time will tell if XRP will pump to close above
the falling wage. XRP’s Recent Price Performance There is no
significant difference between XRP’s price at the beginning of May
and its current price of $0.4286. On May 1, the coin was trading
around the $0.47 price mark, which eventually declined to $0.465 at
the close of the day. It maintained this price range between $0.45
and $0.46 over the next seven days and dipped slightly to $0.4186
on May 8. Since then, it has been hovering around the $0.41 and
$0.42 price levels. In the past seven days, it has declined by
7.25%. However, its 24-hour price trades sideways at the time of
writing, while the trading volume and market cap have also
increased by 18.45% and 1.93%. -Featured image from Pexels, chart
from TradingView
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