XRP’s Chart looks “Supper Weak”: Analyst

By Tsunami On May 3, 2020

All cryptocurrencies have mounted a strong recovery since the March lows, XRP included.

After bottoming at $0.11, the third-largest altcoin by market capitalization rallied 110% from the lows to find a local top near $0.24 just last week. It was a performance that effectively beat any other multi-billion-dollar asset over the same time period, save for other cryptocurrencies.

Source: TradingView.com

Yet, top analysts are warning that the cryptocurrency’s chart is looking bearish, despite the recovery and the expectation that Bitcoin is poised to rally higher in the coming weeks.

XRP’s Chart looks ” Supper Weak”: Analyst

In a recent edition of TheBlockExperience newsletter, a top trader said that XRP’s price action is “looking super weak” despite the recent recovery, pointing to how the asset failed to enter the highlighted region amid the recent rally.

“Price action can’t even close back inside this marked range […]. Still have a little while until the weekly close but right now, I would not be taking a fresh long position. […] A pullback to $0.18 next?” The analyst wrote, referencing the chart below.

Source: TheBlockExperience

It’s a bearish analyst that has been echoed by other traders in the cryptocurrency space. Per previous reports from AZCoin News, an analyst said that he thinks XRP isn’t doing bleeding out, writing:

“Call me crazy but I don’t think XRP will ever break $1.00 again, much less $3.00. Even at 23 cents, it’s wildly overpriced.”

They say the bearish evidence is apparent in the charts, with one going as far as to say that the cryptocurrency’s macro chart is one of the “scariest charts” out there, referencing the lack of historical liquidity on the downside and pointing to how the asset was rejected a key horizontal.

Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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Source: Bitcoinist