XRP may have rallied over 100% from its recent local bottom following Black Thursday and 20% within the last ten days alone, but last night’s weekly close could have deadly implications for the number three crypto asset by market cap.
Ripple’s Over 100% Rebound From Black Thursday Lows
After maintaining the title of the worst-performing asset in the top ten cryptocurrencies by market cap for over two years running, XRP had been showing signs over the last two months that a new uptrend may be forming.
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A number of buy signals had triggered both on the USD and BTC trading pairs. And while it is possible that XRP could continue to grow due to Bitcoin’s bullishness dragging up the rest of the market, last night’s weekly close could be disastrous on the XRPBTC trading pair.
XRP Closes Below Critical Level on BTC Trading Pair, What Comes Next For the Altcoin?
XRP may have been bullish on the XRPUSD trading pair more due to Bitcoin and its halving, according to a nasty weekly close on the XRPBTC trading pair.
The same buy TD Sequential buy signals that triggered on XRPUSD that appear to have led to at least some upside have failed miserably on the XRPBTC trading pair.These highly accurate signals failing, could be a sign of just how bearish the outlook is for Ripple.
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The last time XRP closed below this key support level, the crypto asset plummeted another 40% in just two short weeks to under 1500 sats. Then, however, it did the unexpected and went on a stocking rally towards its all-time high. If Ripple can reclaim the level, will we see another explosive uptrend? Or is there a chance that Ripple falls to the lowest ever support level at just 500 sats per token? With Bitcoin’s halving here, and the coronavirus continuing to shake up markets, truly anything is possible.Featured image from Pixabay