XRP/BTC May Rally 100 Percent, Indicates Simple Textbook Analysis
XRP performed poorly last year. In 2019, XRP/USD price declined by 50 percent, making it underperform some traditional asset classes.
However, due to the powerful performance of BTC last year as it rallied by more than 90 percent, there was a dramatic decline in the price of XRP/BTC pair, even further than XRP/BTC and other fiat currencies. It is such that the value of one XRP is now below 3k satoshis far under the highest price ever.
Now, in recent times, some analysts noted the possibility of the altcoin to put up a powerful recovery against the market leader. According to a renowned crypto trader known as TraderXO, XRP/BTC performance in 2019 is the same as a chart pattern or schematic (Wyckoff Accumulation pattern) mentioned by legendary chartist Richard Wyckoff.
$XRP – Once in a while you gotta stop and look around…. you could miss it
Spring it! pic.twitter.com/45VcIwt7xZ
— TraderXO (@TraderX0X0) February 1, 2020
As observed in the textbook schematic, XRP is at the moment in Phase C of accumulation, in correlation with a powerful price upsurge to the range high at 3.6k satoshis, which is 44 percent more than the current price of XRP/BTC of about 2.5k satoshis.
If the Wyckoff schematic comes through completely, the price of XRP will experience an upsurge towards 5k satoshis, and probably beyond, as indicated by the schematic.
Analysts are yet to determine Wyckoff analysis accuracy for altcoins but it has worked for BTC several moments in the past. Some days ago, Financial Survivalism predicted BTC rally to $9k using Wyckoff analysis and it has happened as the schematic illustrated.
A renowned Bitcoin trader, Smokey, mentioned that Ichimoku Cloud of XRP is yet to be bullish while other leading altcoins are becoming strong. That is, XRP/BTC should gather the momentum to rise ahead. According to him, XRP is still over weekly support, favoring buyers.
Longed XRP on Mex
Going against Ichimoku here, but majors are going strong. Can't really see all the majors popping off and XRP not.
It's sitting on weekly support here.
So let's get this bread. pic.twitter.com/tMiXFEiImG
— TraderSmokey (@SmokeyXBT) January 30, 2020
Likewise, Michael Van De Poppe at the Amsterdam Stock Exchange said XRP/BTC current price action seems quite similar to a historical bottom.
Besides, in recent times, Ripple mentioned its plan to sell much less XRP than before, which should prompt rise in prices.
Featured image courtesy of Shutterstock. Source: Cryptopress.