Cryptocurrency

Ripples XRP overcomes the major downward trend – but don’t bet on a rally

Bitcoin, Ethereum and many other crypto-currencies have failed in the year 2020 well. For Ripples XRP this is true, however, since the Token has fallen since the beginning of the year by about 10%.

The fourth-largest crypto-currency has started the year in third place, however, Ripples XRP has suffered from such a bad development that the Token has slipped a Slot to the bottom. Its market capitalisation is now below that of the USDT of Tether could benefit from its own influx of adaptations from different corners.

Some traders, however, have postulated that will change the fate of the asset. They cite technical factors, which show that an upward trend is possible.

This mood, however, has not convinced all of the investors.

Ripples XRP has just broken out and is showing bullish signs

On 4. July has shared a Trader the image below, after the Ripples XRP just a bullishes technical characters it has printed.

The Chart, according to the leading Altcoin has broken after a five-week downward trend, just a decisive downward trend that has resulted in the asset value to 20% down.

Ripples XRP has now reached its peak above the trend line, suggesting that a kind of relief rally is possible.

XRP Chart of Traders Cold Blooded Shiller (@coldblood hill on Twitter). Chart of TradingView.com

Other traders are taking on this optimism.

Another Trader has to see shared at the same time the Chart below and wrote: “Time, whether XRP life has in itself.” The diagram shows that Ripples XRP is ready, from a key level of horizontal support bounce – pointing to a relief rally.

XRP-diagram of the Traders Ichimoku Scholar (@Ichimoku scholar on Twitter). Graph of TradingView.com

However, not all are convinced that a rally will follow.

A few weeks ago, he has not stated that he believe that XRP will ever again exceed $1,00 – now the same Trader writes that he had “opened every day, a new Short on XRP”.

This scepticism is also shared by other market participants, such as the prominent technical analyst Peter Brandt. The recently speculated the following:

“If the ice-line may not be required to search for new support .0000194 on the way .0000145.“

Ripples XRP: fate with Bitcoin linked

Fortunately (or unfortunately) is connected to the fate of Ripples XRP a little bit with the Bitcoin.

This assessment is in line with the correlation data, provided by the Blockchain Analytics company Coin Metrics available. Although not as strong as with other Altcoins, is the 180-day correlation of Bitcoin XRP in healthy of 0.8.

That is to say: If BTC enter into a full-blown bull market, will experience the Altcoin is likely a recovery. Also, the opposite is the case – which means that the traceability of Bitcoin could mean a disaster for Ripples XRP.

About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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