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.
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.
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