Crypto Analysts Predict XRP Price Rally Against BTC

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Market analysts are watching Ripple’s XRP for a possible price surge against the world’s leading digital currency, Bitcoin.

XRP, known for its lightning-fast transaction speed and secure blockchain technology, has recently experienced a rollercoaster ride due to its lawsuit with the United States Securities and Exchange Commission.

However, an XRP and BTC chartist, Cryptoes, predicts a trend reversal for XRP based on the current indicators on the chart.

Analysts see a pump in XRP price against Bitcoin

The performance of XRP since early April has been very weak compared to that of Bitcoin. This has led to a noticeable drop in the XRP/BTC pair over the past five weeks.

Its poor performance does not affect how some analysts imagine the token. XRP’s positive price view can be attributed to a key support level at its current position.

Cryptoes drew the attention of crypto enthusiasts to this event in a tweet, revealing that the weekly chart of the XRP/BTC pair is projecting a major support level. The chart revealed that the price of XRP had slowed against that of Bitcoin since April 3.

However, the support level might prevent a further drop in XRP tokens as it might be the lowest point. He added that the token could consolidate for weeks before launching a rally.

Another popular crypto analyst, Egrag, has a different take on Cryptoes. According to him, the market is currently projecting a bearish trend.

Its reason lies in the movements of two simple moving averages (SMA), the 20 and 100 moving averages on the same chart.

According to Egrag, the 20 simple moving averages (SMA) put selling pressure on the price of the coin. As such, the 100 moving average is a strong resistance against the current price of XRP. It might be difficult for the token to break out of such resistance.

He thinks that the presence of these indicators signals market weakness and that XRP could yield to them. But time will tell if XRP will pump to close above the wage decline.

Recent XRP Price Performance

There is no significant difference between the price of XRP at the beginning of May and its current price of $0.4286. On May 1, the coin was trading around the $0.47 price mark, which eventually dropped to $0.465 by the end of the day.

XRP price is trading sideways l Source: Tradingview.com

It maintained this price range between $0.45 and $0.46 over the next seven days and dipped slightly to $0.4186 on May 8. Since then, it has been hovering around the $0.41 and $0.42 price levels.

Over the past seven days, it has fallen by 7.25%. However, its 24-hour price is trading sideways at the time of writing, while trading volume and market capitalization have also increased by 18.45% and 1.93%.

– Featured image from Pexels, chart from TradingView

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