XRP price fate is set to change due to technical factors, which show an uptrend is possible

By Selena On Jul 5, 2020

XRP price has dropped by about 10% since the beginning of 2020. In particular, XRP has performed so relatively poorly that it has slid down a slot. Despite some bullish signals, even some cryptocurrency analysts believe that the XRP’s fate is set to change. And this comes from technical factors, suggesting an uptrend is possible. But not everyone is convinced.

XRP price has been starting to show bullish signs

According to cryptocurrency analyst Cold Blooded Shiller, based on his shared chart, XRP has just printed a bullish technical sign. According to the chart, after having trended lower for five weeks, XRP surpassed a significant downtrend that caused it to drop by 20%.

It is now peaking out from above the trendline, suggesting a relief rally of sorts is possible.

XRP chart from trader Cold Blooded Shiller | Source: TradingView.com

In another development, according to trader Ichimoku Scholar, during the same period, with high timeframe divs present festve got the fizz for this setup. Let’s see if XRP has any life in it.

XRP chart from trader Ichimoku Scholar | Source: TradingView.com

The chart shows XRP looking poised to bouncing off a crucial level of horizontal support, also suggesting a relief rally.

Not everyone believes a rally will come

Other market participants echoed skepticism about XRP rally, which is famous as famous technical analyst Peter Brandt.

Not long ago, he said:

“Looks like Ripple Labs has blown the wad allocated to support XRPBTC at .00002060 to .0002075 levels. If ice-line cannot be reclaimed, look for new support at .0000194 on the way to .0000145.”

Fortunately, the fate of XRP is somewhat tied to Bitcoin. This is an argument from Coin Metrics because although not as strong as other altcoins, the 180-day correlation of Bitcoin-XRP is still at 0.8.

That means, if BTC participates in a comprehensive bull market, altcoins will likely see a rebound. The opposite is also exact, meaning Bitcoin retracing from here could spell disaster for the altcoin.

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