Simple Textbook Analysis Spells a Possible 100 Percent XRP/BTC Rally
XRP’s performance was not quite a success last year as many expected. The year 2019 saw the XRP/USD price subside by 50%, placing it together with several underperforming traditional asset classes.
Last year’s powerful BTC’s performance, which exhibited a more than 90 percent rally, caused a dramatic downward spell in the XRP/BTC pair’s price. The pair’s value even went further lower than the XRP/USD price together with other fiat currencies. The cost of one XRP is now below 3k satoshis, which is far much lower than the highest of values seen before.
Nevertheless, Some analysts have recently made suggestions on the possibility of the altcoin to build up a healthy recovery rate against the market giant. TraderXO, the highly acclaimed proficient crypto trader, shed light on the similarities between XRP/BTC performance in 2019 to the Wyckoff Accumulation pattern. The pattern was broken down to detail by a renowned chart analyst Richard Wyckoff.
$XRP: Once in a while, you have to stop and look around…. you could miss it
Spring it! pic.twitter.com/45VcIwt7xZ
— TraderXO (@TraderX0X0) February 1, 2020
According to the textbook’s schematics, XRP is momentarily at a particular Phase of accumulation that correlates with a powerful upward price spike to the range high of 3.6k satoshis. The value largely beats XRP/BTC’s price which currently stands at 2.5k satoshis by more than 44 percent.
If the schematics play out successfully, XRP will have it’s price realize a massive upsurge nearing the 5k satoshis heights, with a possibility to go past the mark.
Analysts are yet to establish the accuracy and depths in Wyckoff’s analysis for altcoins, though, in previous times, it has proven to be somewhat a reality for BTC. A couple of days back, Financial Survivalism predicted that the most popular cryptocurrency, using Wyckoff analysis, will rally above $9k. Surprisingly, it has happened exactly how the detailed schematics had exemplified.
Smokey, a famous Bitcoin trader, gave his views on how XRP’s Ichimoku Cloud is not being bullish enough compared to other leading altcoins getting stronger by the day. He strongly suggests XRP/BTC should gather momentum for it to rise ahead. Smokey explained how XRP is favoring buyers, of which he claims XRP still sits on weekly support.
Reasonably, an Amsterdam Stock Exchange specialist named Michael Van De Poppe familiarised the XRP/BTC current price action situation to a historical bottom.
Recent times have also seen Ripple reveal their plan to sell a much lower quantity of XRP than before, which should spark a rise in its value.