Simple Textbook Analysis Show XRP Price Could Rally 100% Against Bitcoin
[NEWS BLOG]: Simple Textbook Analysis Show XRP Price Could Rally 100% Against Bitcoin
There’s no doubt XRP saw poor performance in 2019. During that year, the price of the asset against the U.S. dollar fell by 50%, managing to underperform a swath of traditional asset classes, from stocks and bonds to precious metals and commodities.
Because Bitcoin saw a strong 2019, rallying by over 90%, the XRP/BTC pair fell dramatically, even more so than the altcoin’s pair against the dollar and other fiat currencies. One XRP, in fact, is now valued at under 3,000 satoshis — far below all-time highs.
But, a number of analysts recently explained in charts that the cryptocurrency may soon mount a strong comeback against the market leader.
"XRP Against Bitcoin Pair May Soon Burst Higher"
Prominent cryptocurrency trader TraderXO recently noted that the past year of performance for XRP against BTC has been trading in a manner similar to a chart pattern or schematic described by legendary chartist Richard Wyckoff.
The schematic is the Wyckoff Accumulation pattern. It is marked by a steep decline into a range, a number of retests of the range’s resistance and support, then a strong breakout of a similar magnitude of the crash that led into the range.
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This Crypto Could Rally 40% in Coming Days After a Highly Bullish Breakout
The aggregated crypto market saw a notable rally today that was led by Bitcoin’s surge past the heavy resistance it was facing at $7,000. This allowed altcoins like Tezos to gain some independent momentum, with XTZ significantly outperforming BTC.
This momentum seen by Tezos may be just be a hint of what’s coming in the days and weeks ahead, as analysts are noting that it broke above a key horizontal resistance that may give it room to rally further.
The altcoin was also able to break out of a bullish technical pattern that it had been establishing, leading analysts to - read more.
K-Pop Music Giant SM Entertainment Is Planning Its Own Cryptocurrency
SM Entertainment, one of Korea’s top-three pop talent agencies, is planning to build its own blockchain network with a native cryptocurrency as it battles a shareholder revolt and a falling stock price.
Joo Sang-sik, director of the company’s technology arm, CT-AI Labs, made the announcement at the Upbit Developer Conference in Incheon on Sept. 4, according to a report from local media outlet IT Chosun.
Joo said the company is aiming to develop a blockchain network that would allow fans to be more engaged with the entertainment ecosystem by investing in artists’ work through cryptocurrencies.
The director provided few specifics about - read more.