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.
OTHER RELATED NEWS
Ripple (XRP) Price Down 2%, Bears Sight $0.2000 Or Even Lower
- Ripple price is sliding and it is under pressure below the $0.2200 resistance against the US dollar.
- The price is now trading below $0.2150 and it could decline further below $0.2100.
- There is a crucial bearish trend line forming with resistance near $0.2180 on the hourly chart of the XRP/USD pair (data source from Kraken).
- There are high chances of a drop towards the $0.2020 and $0.2000 support levels.
Ripple price is declining steadily below key supports against the US Dollar and bitcoin. XRP price could continue to move down and the bears might target $0.2000.
Ripple Price Analysis- 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.
Bitcoin Price (BTC) Breaks Down, Turns Sell On Rallies
- Bitcoin price failed to climb higher and declined sharply below $10,000 against the US Dollar.
- The price is now trading well below the $10,000 level and it could struggle to recover in the near term.
- There was a break below a contracting triangle with support at $10,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price is under pressure and it is likely to decline further towards the $9,500 support.
Bitcoin price is back in a negative zone below $10,000 against the US Dollar. BTC is facing uphill task and it might face - read more.