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HomeCrypto NewsMarketAnalysts Look Out For an XRP Pump Against Bitcoin

Analysts Look Out For an XRP Pump Against Bitcoin


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There is a consensus among these market watchers that the price of XRP against Bitcoin might consolidate for some weeks before staging a rally.

XRP has been underperforming compared to Bitcoin (BTC) since the start of April, leading to persistent XRP/BTC declines for the past five weeks. However, analysts are currently looking out for a pump as they identify a key support level at the current position.

Cryptoes, an XRP and BTC chartist, recently called attention to this support, picking up data from the XRP/BTC weekly chart. The chart shows that the price of XRP has continued to drop against Bitcoin’s value for five consecutive weeks since April 3.


However, Cryptoes noted that the drop from the previous week battered XRP to a crucial support level. According to the analyst, subsequent declines are unlikely, as the XRP/BTC may have bottomed out at the current position. He noted that XRP could trade at a range in this position for some weeks before staging a rally.

Egrag, another prominent analyst, further highlighted a bearish trend observed on the chart. He called attention to two moving averages (MA) on the weekly chart: the 20 MA and the 100 MA, emphasizing that these indicators suggest a weakness in the market.

Egrag pointed out that the 20 MA is currently putting downward pressure on XRP, which is one crucial sign of weakness. In addition, the 100 MA is acting as strong resistance, indicating that it might be difficult for the price to break above that level.



However, Egrag disclosed that he anticipates a price increase that may help XRP close above the falling wedge. When an asset closes above the upper trendline of a falling wedge pattern, it is often seen as a bullish signal. This indicates that the buyers have gained enough momentum to break through the resistance level created by the upper trendline.

XRP is trading at 0.00001623 as of press time, up 4.71% in the past 24 hours against Bitcoin. The asset has gained in four consecutive days against BTC this week, registering a 2.85% increase since the start of the week. This comes after five consecutive weeks of losses.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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