Ripple’s XRP Price Trajectory: Analysts Eye Key Turning Points Against Bitcoin (BTC) Dominance
According to a weekly chart analysis by top crypto analyst Egrag Crypto, the XRP/BTC pair is witnessing significant price action, with potential resistance levels and bullish targets coming into focus. The analysis sheds light on the intricate relationship between XRP and Bitcoin, two major players in the cryptocurrency market.
What you'll learn 👉
Revisiting the Mean: 21 Weekly EMA as a Pivotal Level
Egrag Crypto highlights the 21 Weekly Exponential Moving Average (EMA) as a pivotal indicator for the XRP/BTC pair. This key level, currently standing at 0.000012 BTC (approximately $0.84 for XRP), acts as a point of convergence, with price action often gravitating towards it amidst market volatility.
According to the analysis, if the XRP/BTC pair continues its upward trajectory, it could face resistance at around 0.000012 BTC. However, a successful breach of this level could propel XRP towards the top end of a descending triangle pattern, which sits at approximately 0.000017 BTC. Translating this into XRP/USD terms, assuming a Bitcoin price of $70,000, this target level equates to around $1.20 for XRP.
Historical Bearish Trendline and Volume Analysis
The chart reveals a downward trendline, indicating a bearish trend over a specific period where the price has been making lower highs. Additionally, red rectangles on the chart mark periods where the price has struggled to break through resistance levels, signaling bearish rejections.
At the time of the analysis, the XRP/BTC price stood at 0.00000857 BTC, reflecting a negative change of 2.94% from the previous price point.
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Show more +Moving Averages and Potential Trend Reversal Signals
Egrag Crypto’s analysis also highlights the 55 Moving Average (MA) as a crucial indicator for gauging the medium-term trend. A crossover between the 21 EMA and the 55 MA could signal a potential trend reversal, with a golden cross (21 EMA crossing above 55 MA) considered bullish and a death cross (21 EMA crossing below 55 MA) considered bearish.
While the analysis provides valuable insights into the potential price movements of XRP against Bitcoin, it’s crucial to remember that cryptocurrency markets are highly volatile, and investing in them involves inherent risks..
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