The bearish price action recent days has allowed XRP price to print a macro bull signal
Over the past few weeks, when Bitcoin and Ethereum have been stagnant, trading sideways within tight ranges, the XRP price has slipped to a lower level. From May’s high of about $ 0.23, XRP has dropped 20% to 0.185 at press time.
XRP/USD 4 hours chart | Source: Tradingview
XRP price is nothing as striking as Bitcoin or Ethereum
Nevertheless, the price action allowed XRP to print macro bullish signals: a Tom Demark Sequential buy “9” candle on the weekly chart of XRP against Bitcoin (XRP / BTC). The TD Sequential prints “9” and “13” candles when an asset reaches an inflection point in its trend. The Sequential, for instance, flashed a buy “9” and “13” candle at Bitcoin’s $ 6,400 lows in December of 2019, predicting the recovery to $ 10,500 that took place in the two months that followed.
XRP/BTC price chart with TD Sequential overlay shared by the Telegram channel “Alerts – TD 9’s & 13’s” | Source: TradingView
Although many traders have confidence in TD Sequential, there are also many opinions that they do not expect XRP price increases to occur. And it seems that this person must be very familiar with you.
Renowned commodity analyst Peter Brandt noted that XRP has recently broken a key support level. The support has been held multiple times over the past two months and acts as a launching pad for XRP to rally from the bull market of 2017.
XRP/BTC chart from Peter Brandt | Source: TradingView
According to Brandt, this loss of support could result in a 90% correction in XRP price compared to Bitcoin. This harsh prediction was determined based on the fact that XRP had little historical liquidity at current prices until a sharp correction. XRP’s Brandt reduction analysis comes a month after he branded the cryptocurrency a “manipulated market and a dead end.”
Brandt is not the only one who predicts that XRP may never get close to reviewing its 2018 highs.
Charts from trader “Cantering Clark” drawing lines between the stocks of questionable companies and the cryptocurrency
According to Cantering Clark, based on the above analysis chart, he emphasized that while certain companies have promising technologies such as Ripple, their stock / native assets value has not increased. At the same time, just because XRP can be a promising technology doesn’t mean it will increase:
“Here are just a few of the hundreds of 10-year charts you can find for ‘promising tech’. See a similarity? Many of these same charts have forums of people still talking about the recovery to come.”
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