Some of the most prominent Altcoin analysts believe that XRP Will drops by 40% against Bitcoin in the near term, as we are reading further in the Ripple XRP price news.
As the recent price rallies from Ethereum and Cardano, it seems that the alt season arrived. Bitcoin’s dominance as well saw a crucial rejection which suggests altcoins have still plenty of room to go up. However, there are altcoin analysts that believe XRP will not benefit from the recent rally on the market. Against Bitcoin and the US Dollar, XRP performed well over the past week. Another trader, however, isn’t convinced that a rally higher will follow suit. He noted that as long as there’s not a strong fundamental case for the cryptocurrency, it is unlikely to gain strength against Bitcoin. Instead, he believes that it will crash against BTC:
“I don’t think this pumps without fundamentals and for now I don’t see anything in the calendar. Personally I’m waiting for orange or a HTF reclaim of the former floor that lead to this bleed out. Bounces are for shorting until proven otherwise.”
The charts show that XRP is on track to drop from its current range of 2,200 satoshis to 1,100 to 1,400 in the third quarter of this year. This would mark a decline of at least 40-50% for the asset. XRP’s lack of positive fundamentals is not the only thing that suggests XRP dropping against Bitcoin. Tom Demark’s Sequential printed a sell 9 candle for the asset and the sequential is a time-based indicator that prints 8,9 and 13 when the asset’s trend is in a crucial position. The trader predicted that bitcoin will undergo a V-shaped reversal at $3,700 which is also bearish for XRP. He said that the altcoin was poised to drop by 50% against Bitcoin because it is not able to hold crucial support levels:
“I will trade XRP vs BTC when it shows strength. Any weekly close above green and I’m interested. Until then who knows what can happen, currently down 91% since ATH but has seen 95% drops before, which is close to another 50% drop down. Move slow.”
XRP is trading under crucial support levels which is acting as a resistance right now.
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