Since Jan 8, the Ethereum price has increased by 68% while XRP has lagged behind by only 8%.
Their price movements, however, share several similarities, allowing for the possibility that XRP will soon initiate a rapid move to the upside.
XRP (XRP) Price Highlights
- XRP has broken out above a descending resistance line.
- There is resistance at 3,750 satoshis.
- The price is trading inside a short-term descending wedge.
- A golden cross could soon transpire.
same energy$XRP vs. $ETH pic.twitter.com/rMWJChoM8o
— tunez 5.0 🔑 (@cryptunez) February 24, 2020
Ethereum
The Ethereum price made a bottom on Sept 6, 2019. Its price movement since has had three main attributes:- After the bounce from the bottom, the price increased all the way to ₿0.023. The ensuing decrease caused the price to retrace all the way to the 0.88 Fib level before breaking out.
- After the retracement, the price broke out from a descending resistance line.
- A bullish golden cross between the 50 and 200-day moving averages (MA) transpired shortly after.
XRP
Similarly, the XRP price reached a low on Sept 6, 2019. After the ensuing increase, it created a resistance area at 3,750 satoshis. Similar to ETH, the XRP price created a descending resistance line from which it broke out. However, unlike ETH, this line did not begin at the exact high, but rather from a lower-high. The retracement was completed at the 0.88 Fib level, identical to ETH. While a golden cross has yet to occur, it is very close to doing so, which would confirm the pattern. If the price was to increase 25% above the main resistance area, it would reach a high of 47,000 satoshis. Using the Wyckoff distribution, BeInCrypto predicted a very similar movement in our previous XRP analysis.
In the short-term, the price is trading inside a descending wedge and currently at the support line.
Besides this particular wedge being considered a bullish reversal pattern, the RSI has generated bullish divergence, a sign that the price wants to move upwards.
Therefore, a breakout will likely soon occur, initiating a similar movement to that of the ETH price.
To conclude, the XRP price is creating a movement very similar to that of ETH. If it continues moving in this manner. the price will soon reach the resistance area at 3,750 satoshis. A breakout could take the price all the way to 4,700 satoshis.
Top crypto projects in the US | April 2024
Trusted
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
READ FULL BIO
Sponsored
Sponsored