Market analysts are keeping an eye on Ripple’s XRP for a possible price increase against the world’s leading digital currency, Bitcoin.
XRP, known for its blazing fast transaction speed and secure blockchain technology, has recently been on a rollercoaster ride due to its lawsuit with the US Securities and Exchange Commission.
However, an XRP and BTC chartist, Cryptospredicts a trend reversal for XRP based on current indicators on the chart.
Analysts see a pump in XRP price against Bitcoin
XRP’s performance has been very low compared to Bitcoin since early April. This led to a notable drop in the XRP/BTC pair over the past five weeks.
The poor performance does not affect how certain analysts envision the token. The positive picture of XRP’s price can be attributed to a major level of support at its current position.
Cryptoes drew the attention of crypto enthusiasts to this occurrence in a tweetshowing that the weekly chart of the XRP/BTC pair is projecting a major level of support. The chart revealed that XRP’s price had fallen against Bitcoin’s since April 3.
However, the support level could prevent a further drop in XRP tokens as it could be the low point. He added that the token can consolidate for weeks before a rally begins.
Another popular crypto analyst, egr, has a different outlook than Cryptoes. According to him, the market is currently projecting a bearish trend.
Its reason depends on the movements of two Simple Moving Averages (SMA), the 20 and 100 moving averages on the same chart.
According to Egrag, the 20 Simple Moving Averages (SMA) are exerting selling pressure on the price of the coin. As such, the 100 moving average is strong resistance to the current price of XRP. It can be difficult for the token to break out of such resistance.
He believes that the presence of these indicators indicates a weakness in the market and that XRP could succumb to it. But time will tell if XRP will pump to close above falling wages.
XRP’s recent price performance
There is no significant difference between the price of XRP in early May and the current price of XRP $0.4286. On May 1, the currency was trading around $0.47 price, which eventually fell to $0.465 by the end of the day.
It maintained this price range between $0.45 and $0.46 over the next seven days, falling slightly to $0.4186 on May 8. Since then, it has hovered around the $0.41 and $0.42 price levels.
In the past seven days, it is down 7.25%. However, the 24-hour price is trading sideways at the time of writing, while the trading volume and market cap have also increased by 18.45% and 1.93%.
-Featured image from Pexels, chart from TradingView