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Textbook Bottoming Pattern For Ripple’s XRP Is Forming

Stefan by Stefan
13/04/2020
in Ripple News
Reading Time: 2 mins read
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A textbook bottoming pattern is forming for the second-largest cryptocurrency, Ripple’s XRP according to the crypto data analysis provider Messari.

Messari shared recently that Ripple’s xrp was the worst-performing cryptocurrency in 2020 and underperformed major players such as Ethereum and Bitcoin by a long shot. The analysts are observing that the cryptocurrency is showing textbook bottoming pattern signs but there will be an imminent recovery against Bitcoin soon as well. According to the popular crypto trader Big Cheds, the one-week charts for the Ripple price and performance against Bitcoin is in the middle of creating a new bottom market by a spike lower recovery and rounded a consolidation bottom to mark the start of the bull run.

The trader is not the only one that thinks Ripple’s XRP could be rallying soon against the market leader since Luke Martin, the trader usually featured on CNN recently posted new charts that show him expecting for the Ripple price to increase against Bitcoin in the upcoming weeks. While the comment attached to the chart was quite unclear, the other charts showed XRP is rebounding strongly off the low support levels in the long-term range against Bitcoin and it is situated well for the bullish narrative. The bitcoin dominance metric retested and failed to pass a two-year uptrend which suggests that the altcoins could have some room to rally higher.

The technical signs point out that the imminent strength of the altcoin market doesn’t add up with the fundamentals of the XRP coin. Dan Morehead and Joey Krug from the blockchain-based Pantera Capital explained that Bitcoin will likely outperform other coins:

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“It’s a project that’s already built, it works, it has an 11-year track record. Many newer blockchain and smart contract projects are still in development and might be stressed to raise funding to complete their development.”

They further explained that there is a ‘’flight-to-quality where people want to put money in the mega-caps and the safest asset’’ but in this case, assets like Bitcoin are far more liquid than the rest including Ripple’s XRP. Morehead also noted that he expects this trend to be temporary and that the regular dynamic between Bitcoin and other coins will return once the crisis passes.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: bottoming patternRippleripple bottomingripple priceripple's pricetextbook bottoming patternXRPxrp bottomingxrp price
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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