XRP May Target Short-Term Gains Against Bitcoin; Here’s Why

Bitcoin has been incurring some decent upwards momentum in the time since it visited $6,500, which has allowed major altcoins like XRP to similarly put some distance between their current prices and their recent lows.
Importantly, analysts are noting that XRP may see some short-term gains against its Bitcoin trading pair, which could come about as a result of the aggregated crypto market incurring momentum against BTC.
XRP Posts Strong Bounce from Recent Lows of $0.20
At the time of writing, XRP is trading up 1% at its current price of $0.23, which marks a slight climb from its daily lows of roughly $0.22.
XRP has put a significant amount of distance between its recent lows of $0.20 that were set concurrently with Bitcoin’s drop to $6,500, and the drop to this level nearly instantly sparked the bout of extreme buying pressure that has helped lead it higher over the past several days.
Bitcoin’s price action has been heavily influencing XRP, and it does appear that the near-term BTC resistance level that will likely determine whether it – and ergo other major altcoins – see further upwards momentum exists at $8,000.
Bitcoin Jack, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes XRP may soon surge against its BTC trading pair, but also noted that the poor support at its current price levels may mean that further losses are imminent before this surge commences.
“Let’s give $XRP another go. Support here looks like shit, if it breaks this is where I want to get long. Looks like a decent opportunity to trade it back towards range high,” he said while referencing a chart showing the levels he is targeting.

Tezos & Ethereum: These Top Performing Altcoins Flash Dangerous Sell Signals
Monday February 17, 2020

The talk of the crypto industry over the last few weeks has been focused on the massive gains from many altcoins across the top ten cryptocurrencies by market cap, however, few assets were buzzing...

The post Tezos & Ethereum: These Top Performing Altcoins Flash Dangerous Sell Signals appeared first on 12bitplay - Bitcoin Play.

Let's give $XRP another go
Support here looks like shit, if it breaks this is where I want to get long
Looks like a decent opportunity to trade it back towards range high pic.twitter.com/C6H8dT1uPg
— //Bitcoin 𝕵ack (@BTC_JackSparrow) November 29, 2019

Ethereum Takes a Bit Hit But Uptrend Intact Above This Support
Friday February 14, 2020

Ethereum jumped to a new 2020 high at $278 before correcting lower against the US Dollar. ETH is now consolidating and it is likely to continue higher above $275. Ethereum seems to be struggling...

The post Ethereum Takes a Bit Hit But Uptrend Intact Above This Support appeared first on 12bitplay - Bitcoin Play.

Major Altcoins May Surge as Much as 100% Against BTC in Near-Term
If Bitcoin does break above its near-term resistance level, the aggregated crypto markets may post a major bounce, with Bitcoin Jack also telling his followers this past week that further momentum could mean that altcoins will surge as much as 100% against Bitcoin.
“If we print a signal of strength, you better be paying attention because things could start moving like before. Alts are up 25% vs BTC since September 6 but if we see the SoS then we could quadruple this quickly,” he noted while pointing to the chart seen in the below tweet.

This Google Linked Cryptocurrency Surged by 300%, But Data Suggests It May Soon Plummet
Thursday February 13, 2020

The recent Bitcoin-induced bull market has led many smaller altcoins to begin surging, making the current market condition look strikingly similar to that seen in 2017 when BTC’s rally allowed other cryptocurrencies to incur...

The post This Google Linked Cryptocurrency Surged by 300%, But Data Suggests It May Soon Plummet appeared first on 12bitplay - Bitcoin Play.

If we print a signal of strength, you better be paying attention because things could start moving like before
Alts are up 25% vs BTC since September 6 but if we see the SoS then we could quadrupple this quickly pic.twitter.com/xpBdEAiULC
— //Bitcoin 𝕵ack (@BTC_JackSparrow) November 26, 2019

The coming few hours and days will likely shine a light on where Bitcoin and major altcoins like XRP are heading next, as any further upwards momentum could mean that the market’s recent lows are a long-term bottom and that significantly further gains are imminent.
Featured image from Shutterstock.
The post XRP May Target Short-Term Gains Against Bitcoin; Here’s Why appeared first on NewsBTC.

You may also like...