According to a well-known trader, the third largest cryptocurrency XRP is still roughly 40% above a potential price range where it will bottom out, the region of $ 0.13-0.15.
Potential lows: $ BTC $ 4500-5300 $ ETH $ 90-100 $ XRP $ 0.13-0.15 $ LTC $ 27-30
– il Capo by Polkadot (@CryptoCapo_) January 11, 2020
The analyst has examined a number of signals in the past trying to figure out why $ 0.13-0.15 could be the final low.
First, he noticed the other day that the XRP chart shows clear signs that a bearish fractal was playing out. As he notes, the current price movement for the cryptocurrency looks almost the same as it did from July to October last year, which was marked by consolidation after a dramatic sell-off, a secondary decline, and a flash rebound and slump to fresh lows. Playing the fractal in full implies a price of $ 0.15.
According to previous reports from Ethereum World News, a senior analyst said he wanted to “buy XRP next at $ 0.15,” which is about 25% below its current price of $ 0.2154. He added that he is looking to that target because his analysis suggests that “BTC and crypto will remain in a bear market … despite the recent (and expected) relief rally, the bears are still in control.”
Not to mention that $ 0.14 is the key support from a macro perspective, which means the cryptocurrency should hold this level in order to stay in its macro uptrend.
While the price of XRP has been relatively independent of Bitcoin and the cryptocurrency fell 50% in 2019 while BTC gained 95% in the same period, XRP is likely to follow the leader wherever it goes next. This means that, should Bitcoin pumping from here, a crash of the popular Altcoin to the price points mentioned above can easily be avoided.
But can it happen? Can BTC price be higher so that the second largest altcoin by market cap can maintain important supports?
Safe for a number of analysts.
According to an earlier report from that outlet, Byzantine General recently pointed out Bitcoin’s week-long chart in conjunction with the Relative Strength Index. It showed that historical analysis, applying previous market trends to the current one, “has bottomed out” and found that the RSI has retested a key support perfectly.
I couldn’t help but notice a pattern here.
This suggests that the soil is in. Pic.twitter.com/OoiwreHBZS
– Byzantine General (@ByzGeneral) January 10, 2020
Financial survivalism, a trader who last week called Bitcoin’s spike to $ 8,000, added to the bullish sentiment. In a TradingView post, he cited a number of key technical reasons why he expects BTC to test $ 20,000 by July 1 of this year.