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XRP showing bullish signs

Written by  May 26, 2020

It’s been a quiet past few days for XRP and the crypto market as a whole. After the retracement this weekend, most cryptocurrencies have flatlined, with volatility dropping quite a bit.

This consolidation has allowed a number of bullish signs to form on the charts and in the markets of leading digital assets.

Derivatives data suggests that Bitcoin is primed to bounce after the drop from last week’s highs. For XRP, a prominent trader shared the chart below, indicating the asset is “showing a hidden bullish divergence with RSI reaching the apex of a trendline squeeze.”

Chart of XRP printing a textbook "hidden bullish divergence" with the price and the RSI from trader "Credible Crypto" (@CredibleCrypto on Twitter).

Chart of XRP printing a textbook “hidden bullish divergence” with the price and the RSI from trader “Credible Crypto” (@CredibleCrypto on Twitter).

That’s to say, XRP could be on the verge of exhibiting a bullish breakout higher, likely to rally back above $0.20 and beyond.

Despite this textbook bullish sign, there is a chance that it won’t play out, with the market outlook for all altcoins worsening over recent days.

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XRP Remains Macro Bearish

From a purely technical standpoint, analysts say XRP remains macro bearish — which means while there may be a chance for a rally in the short term, the long-term trend remains down.

One crypto trader remarked that XRP has been stuck in a downtrend for over 850 days, having just fallen below a crucial level of support on the monthly chart.

“Looking at it from an investor perspective, [fundamentals are] not an excuse to invest in an asset that has been down-trending for 851 days and lost key monthly support/resistance level,” the trader explained in reference to the chart below.

Price chart from @FeraSY1, a prominent crypto trader and engineer.

Price chart from @FeraSY1, a prominent crypto trader and engineer.

The scepticism of XRP’s macro chart has been echoed by legendary commodities trader Peter Brandt.

He explained in March that the altcoin is bearish because there is only “white space below” its price, with little historical support or liquidity below ~$0.15.

I am breaking a promise.

I said I would never again post a chart of $XRP

But, I thought you all might be interested in what it means to have …

"While space below" pic.twitter.com/Pse2DkEXfp

— Peter Brandt (@PeterLBrandt) 12th March 12, 2020

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Carl Brough

Carl comes from a Crypto tech background in Blockchain, his flair and attention to detail is very important to the success of this website. Carl is a freelance journalist who now prefers to work from home and has such a broad range of experience in the alt coin market, we always appreciate his knowledge and ideas.

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