Analyst Who Called XRP’s Drop to $0.16 Is Still Expecting Upside: Here’s Why
[NEWS BLOG]: Analyst Who Called XRP’s Drop to $0.16 Is Still Expecting Upside: Here’s Why
Analyst Who Called XRP’s Retracement to $0.16 Is Bullish
On March 26th, the price of XRP suddenly shot up out of nowhere, rallying by more than 10% within a few hours’ time out of nowhere, leaving Three Arrows Capital’s CEO, Su Zhu, to remark: “XRP looks like it wants to retrace months of underperformance in a few days now.”
In the wake of this surge, trader Credible Crypto said that before a further rally, he expects the asset to retrace to ~$0.168, as it has today, before continuing to trend higher in a wave-like fashion to $0.20 and beyond.
With XRP having retraced to the level he expected by the time he expected, the cryptocurrency tracing out his forecast in full will see it rally to $0.21 — 25% higher than the current price — before the month ends.
Not All Bullish
Although Credible Crypto currently sees a bullish chart, some fear that XRP’s prospects aren’t as bullish as he is painting them out to be.
OTHER RELATED NEWS
Crucial Indicator Shows a Massive Bitcoin Move is Likely Following 30% Drop
Over the past few weeks, Bitcoin (BTC) has finally started to slow, establishing $7,000 as support and $7,800 as heavy resistance; the cryptocurrency hasn’t broken above or below those boundaries for over 10 days.
Analysts say that this tightening price action is much like a spring coiling, implying that Bitcoin will soon see a large price movement that may determine this market’s directionality for the next few weeks, maybe months.
But that begs the question, in which direction are analysts expecting crypto assets to move in the near future? And why?
Crypto Market Coiling for Breakout
Popular trader Big Chonis recently noted that - read more.
Ripple Price Signaling More Upsides
Recently, there was a steady increase in bitcoin and Ethereum, which helped ripple in recovering above the $0.2250 resistance. XRP price followed a decent bullish past and surpassed the $0.2300 resistance.
Moreover, there was a close above the $0.2320 resistance and the 100 hourly simple moving average. A new weekly high is formed near $0.2359 and the price is currently correcting lower.
It traded below the 23.6% Fib retracement level of the recent wave from the $0.2259 low to $0.2359 high. An immediate support is near the $0.2310 level.
Besides, there is a major bullish trend line forming with support near $0.2305 on - read more.
Messaging Giant LINE Wins Japan License for Crypto Exchange Business
LINE, provider of Japan’s most popular messaging app, has just been approved for a cryptocurrency business license in the country.
The news, reported by CoinDesk Japan on Friday, means it will be able to offer its crypto exchange services in Japan where it has 80 million monthly active users. The new platform is to be called BitBox, according to the company.
The license was awarded by Japan’s Financial Services Agency, which indicated on its website that the registration was completed on Sept. 6 in the name of LVC Corp., which oversees LINE’s digital asset and blockchain business units.
LINE President Takeshi Dezawa also disclosed completed FSA - read more.