Why Analysts Think XRP Has The “Worst Looking Chart” in the Crypto Market


  • XRP’s price rallied overnight and is finally starting to see some of the momentum that has recently been incurred by the rest of the crypto market
  • Despite this, analysts are noting that there are some troubling signs regarding the crypto’s near-term strength
  • As a result of these signs, one analyst is even going so far as to note that XRP has one of the worst charts of all cryptocurrencies
  • He explained that its upwards price action doesn’t matter so long as it remains beneath $0.25
  • He also points to a few lower time frame rejections it has posted over the past day

It’s no secret that XRP has been one of the worst-performing major digital assets throughout much of 2019 and 2020.

Despite many cryptocurrencies incurring parabolic momentum in recent weeks, it has remained stuck within the lower-$0.20 region.

Its stagnating price comes as capital inflows remain tempered, with investors being cautious of investing in the embattled token.

This has resulted in it forming a less-than-desirable technical situation. One analyst is even expecting it to see further near-term downside despite its slight rise in recent days.

How To Get Free Crypto  

XRP Shows Signs of Weakness Despite Market-Wide Uptrend

The entire crypto market is currently caught within the throes of an intense uptrend. This has been one of the few occasions since the 2017 bubble burst in which Bitcoin, large altcoins, and small altcoins have all been able to rally in tandem.

This uptrend also comes as the nascent market trades against a backdrop of global turbulence.

Overall, this ongoing rally does seem to have positive long-term implications. Still, it may also be highlighting the possibility that XRP is going to begin ceding its share over the market.

At the time of writing, XRP is trading up nearly 4% at its current price of $0.24. This marks a notable rise from daily lows of just over $0.21.

Its ongoing upswing is one of the first notable price pumps that it has posted over the past week.

However, it is still lagging far behind virtually all of its peers.

Here’s Why the Token Remains in a Precarious Position Below $0.25 

Analysts aren’t feeling too optimistic about XRP’s mid-term outlook.

One trader explained in a recent tweet that $0.25 is the crucial level for the token to break above, and its inability to do so seems to be a grim sign.

Coinbase Banner  

He even goes so far as to note that the token has one of the “worst looking charts” of all cryptocurrencies.

“XRP / USD: One of the worst looking charts in my opinion, even though we have seen some upside over the past month this really doesn’t matter considering we are yet to break $0.25… This region needs to be taken out and flipped before you can be really bullish, LTF rejecting.”

Image Courtesy of Cactus. Chart via TradingView.

The coming days should reveal whether or not XRP will be able to break above this key level.

Featured image from Unsplash.
Chart from TradingView.

Go to Source
Author: Cole Petersen


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.