The number three ranked cryptocurrency by market cap, XRP, exploded this morning, rising more than 6 percent in less than two hours of intraday trading.
Will the Ripple rally continue? And what are the driving forces responsible for today’s surging XRP prices?
XRP Finally Rips, Growing Over 6 Percent in Two Hours Flat
It’s difficult to ignore just how poorly XRP has performed for cryptocurrency investors since the world first caught wind of the asset in late 2017 during the crypto hype bubble.
Compared to nearly every other altcoin and Bitcoin, XRP has provided the worst ROI over the last few years of a bear market.
But after two and a half years of selling, XRP may finally be staging its recovery rally.
XRP this morning had an explosive price surge, rising from .19749 to .21075 – or just under a 7 percent rally.
Key factors behind the strong rally include multiple TD 9 buy signals stacking across many high timeframes, on both the XRPUSD and XRPBTC trading pairs.
Related Reading | XRP Buy Signals Stacking on Multiple Timeframes May Spark Ripple Recovery
XRP also reclaimed a critical trendline recently, which could be in part responsible for the additional push.
The rally could be the start of a powerful Ripple fractal nearing the next phase of the pattern: a further rally upward bringing investors a few hundred percent returns.
Although market conditions may appear bleak, stimulus money could be making its way into what is one of the lowest cost cryptocurrencies per token in the top ten crypto assets by market cap.
Newcomers buying crypto their first time may opt for XRP, over Bitcoin at over ,000 a coin.
Ripple Ready to Sustainable Rally, Thousand Percent Gains Not Unrealistic
If the Ripple rally can sustain, the crypto market may be in for a shocking surprise.
According to a fractal that has formed on XRP price charts, the altcoin could see a major boost in the days and weeks ahead.
The fractal points to XRP holding an important trendline after multiple attempts were made to push the asset back below. Once the trend line was confirmed as support, Ripple rallied by over 800 percent.
Related Reading | Powerful XRP Fractal Points To Redemption Rally, Start of New Uptrend
After a short pullback, it rocketed another 900 percent. In the final move up, XRP gained another 1000 percent, taking the asset to its all-time high at over .50.
The asset became the poster child for crypto investing success alongside Bitcoin and Ethereum in late 2017. It even made an appearance in a segment on CNBC, educating investors on how to buy the then hyped altcoin.
That as the signal the top was in. Could this latest rally be the signal that Ripple has bottomed?
Featured image from Pixabay
NewsBTC
Bitcoin Weekly Candle Wicks Are Telling of Explosive Impulse Upward
Bitcoin price just exploded, setting a new higher high following last month’s plummet to below ,000. Is this the start of a new bull market as the halving looms closer?
Weekly candlesticks suggest that an explosive impulse upward is likely to occur, potentially making for the perfect pre-halving set up for a massive rally.
Bitcoin Price Weekly Candlestick Wicks Changing Direction Is Telling
The cryptocurrency market has been experiencing the longest stretch of extreme fear ever, according to the crypto market fear and greed index. Sentiment is so low and fearful, due to the recession, the coronavirus, and due to post-traumatic stress syndrome leftover from the catastrophic collapse on Black Thursday last month.
Bitcoin price collapsed from ,000 to under ,000, but in less than a month the asset has doubled in value, rising from ,800 to ,600 today with the new high set.
Related Reading | Number of Bitcoin Whales Hits Previous Pre-Bull Run Level
But when investors are fearful, it is the time that smart money becomes greediest and begins accumulating assets at low prices, while others miss the boat.
Bitcoin has been at the lowest price in well over a year, offering a value for investors who could buy the asset at a “fire sale” discount.
On the way up, each weekly candlestick left a wick to the upside, showing that each push into resistance was rejected before close. But the last two weekly candles, are showing wicks to the downside, indicating that the same resistance has flipped to support and that a strong impulse move upward is next.
daily close took back the weekly open…
weekly wicks are shifting directions at the swing point of the last major upward impulse… probably not worth paying attention to if you have a bearish bias though. pic.twitter.com/VTiMYQCjOU
— Stackin' ฿its (@StackinBits) April 23, 2020
Explosive Impulse Move Possible, Halving Could Provide the Trigger
With sentiment so low, and a recession essentially here, exactly what would be the driving force behind Bitcoin‘s impulsive explosion upward, if investors are simply too fearful to buy at these prices?
A few factors could have an enormous influence.
Related Reading | Crypto Countdown: Exactly Three Weeks Remain Until The Bitcoin Halving
Bitcoin’s halving is just a couple weeks away at this point, and the event has long been expected to have extremely bullish implications for the cryptocurrency.
The idea is that supply is slashed, causing demand to outweigh the limited supply, and price rises. Coindicing with all of this, are weekly price charts showing a switch to bullish momentum, and stimulus packages flooding the economy with excess cash for some. Some of this cash flow could make its way into cryptocurrencies, especially with Bitcoin’s having here.
With a boost in incoming fiat, a massive devaluation of that fiat due to inflation, and a soon to be slashed BTC supply from the halving impact, this could be the ideal recipe for the next Bitcoin bull run.
Feature image from Pixabay
NewsBTC
Chainlink is Close to Invalidating Explosive Uptrend as Selling Pressure Mounts
It’s no secret that Chainlink (LINK) has been one of the most bullish cryptocurrencies throughout both 2019 and 2020, with the altcoin incurring explosive momentum that it has been able to maintain in spite of the market-wide weakness seen throughout the past few weeks.
The crypto is now at risk of invalidating its latest uptrend, as it is currently facing some intense selling pressure alongside that seen by Bitcoin and most other major cryptocurrencies.
Analysts are now eyeing a few key levels that could act as strong support in the near-term, however one trader is also noting that a loss of this level could lead Chainlink to “nosedive.”
Chainlink Incurs Intense Selling Pressure, Putting It at Risk of Losing Uptrend
At the time of writing, Chainlink is trading down over 6% at its current price of .16, which marks a notable decline from daily highs of over .40.
This poor performance today has led LINK to underperform Bitcoin by 4%, as the benchmark cryptocurrency is currently trading down marginally as it inches towards its key support at ,600.
Its weakness also comes close on the heels of a recent uptrend seen throughout the past couple of weeks, which allowed the crypto to rally from the lower-.00 region to highs of over .50.
This latest uptrend was sparked by the confirmed breakout of a bull pennant earlier this month, but it is now in grave risk of being invalidated as the crypto tests a key trendline.
One popular analyst spoke about the test of this trendline in a recent tweet, noting that this breakout losing its strength could lead to invalidation of the ongoing uptrend.
“Breakout starting to lose strength – relatively close to invalidation,” he explained.
Image Courtesy of Teddy
Here are the Key Levels LINK Bulls Need to Defend
If this uptrend is invalidated in the coming hours and days, another popular analyst is now noting that its first key support region sits between .75 and .90.
He also notes that a break below this support region could lead the crypto to “nosedive” before reaching its next key support level around .20.
“Chainlink: Also starting to drop, as it’s heavily correlated with the movements of BTC. For potential longs I’d be watching the .75-2.90 level. Losing that and we can nosedive towards .20-2.25 as next target zone,” he said while pointing to the below chart.
Image Courtesy of Crypto Michaël
Because Chainlink (LINK) has a tendency of underperforming Bitcoin during downtrends just as it outperforms it during uptrends, this ongoing selloff could cut significantly deeper if BTC shows further signs of weakness.
Featured image from Unsplash.
NewsBTC
This Crypto is Poised to See an Explosive 50% Rally as Technical Strength Emerges
XRP has seen a notable price climb throughout the past few days, with its price rising in tandem with that of Bitcoin and most other major cryptos. This has led the token up towards .20, which appears to be where it faces some intense near-term resistance.
Analysts don’t believe that this resistance will hold strong for too much longer, however, as the crypto has been able to form some relative technical strength that is likely to lead it higher in the days and weeks ahead.
As for how high this looming rally could lead XRP, one analyst is noting that it could surge over 50% against its Bitcoin trading pair, which would mark a parabolic movement that puts some serious distance between its recent lows.
XRP Taps Massive Resistance Region as Crypto Market Enters Consolidation Phase
Bitcoin and the aggregated cryptocurrency market have entered yet another bout of sideways trading, which has been primarily rooted in the BTC’s inability to surmount the resistance that it has found within the mid-,000 region.
Because the Bitcoin has been setting the tone for where major altcoins like XRP, Ethereum, and others trend, whether or not they are able to continue climbing higher will be largely dependent on BTC.
In the case of XRP, the embattled crypto is currently consolidating beneath its resistance at .20, with its multiple attempts today to surmount this level being a bullish sign.
Analysts concur with this notion, as multiple prominent traders have noted today that they anticipate it to see some further near-term upside.
One trader offered a chart earlier today showing that he is ready to go long if the crypto surmounts its current resistance, with an upside target sitting around its February highs.
Image Courtesy of TraderSmokey
Traders Agree: A Massive Upswing May Be Imminent
This isn’t the only bullish assessment of XRP currently being offered by analysts, as Bagsy – another prominent and well-respected trader – explained in a tweet that he believes the crypto could soon rally against its Bitcoin trading pair.
Image Courtesy of Bagsy
Currently, XRP is trading at 0.00002730 sats, and the upside target on the above chart sits at 0.000041 BTC, which would mark an over 50% climb from its current price levels.
This potential movement would also lead XRP to the highest price levels against Bitcoin seen by it since October of 2019, which is around the time at which the crypto was able to remain stable around .30 while Bitcoin declined towards ,700.
Featured image from Shutterstock.
NewsBTC
Bitcoin on the Brink of an Explosive Bull Rally; Here’s What Will Trigger It
Bitcoin and the entire crypto market appears to have entered another bout of sideways trading within the lower-,000 region, with bulls struggling to surmount the resistance that has been formed around ,300.
The price action seen throughout the past couple of weeks, however, seems to suggest that this consolidation may be short-lived, as it is on the cusp of breaking above a critical trendline.
A clean break of this trendline could send BTC rocketing up towards its next key resistance level around ,000, according to one prominent analyst.
Bitcoin Enters Consolidation Phase, But It Could Be Gearing Up for a Big Movement
Currently, Bitcoin is trading down just over 1% at its current price of ,250, which is around the level at which it has been trading at throughout the past day.
This sideways trading comes shortly after the crypto posted multiple rejections at ,500, with the selling pressure existing around this level proving to be insurmountable for bulls in the near-term.
Because consolidation below resistance is a historically bullish signs, this current price action may simply mark bulls attempting to drum up greater strength before making their next big push.
Galaxy, a prominent crypto analyst on Twitter, offered a highly bullish near-term possibility to his followers, explaining that the benchmark cryptocurrency is currently pushing up against a key descending resistance level.
He notes that a decisive break above this level will open the gates for a swift movement to ,000.
“00 – 00 is the dream trade I’m waiting for. There is also a slight chance we can break the green line today/tomorrow and just go for it. Either way, I’m patiently waiting to start riding the train to 9K,” he noted.
00 – 00 is the dream trade I'm waiting for.
There is also a slight chance we can break the green line today/tomorrow and just go for it.
Either way, I'm patiently waiting to start riding the train to 9K.$BTC pic.twitter.com/kxJ8LyRacL
— Galaxy (@galaxyBTC) April 8, 2020
Multiple Technical Factors Support This Notion
Mac, another popular cryptocurrency analyst on Twitter, explained that multiple technical factors point to the possibility that Bitcoin will make a near-term movement towards ,800 before rocketing up to its CME gap at roughly ,600.
“BTC bullish scenario – Rejection here 50-50 on weekly – Retrace to 00-6650 – Fill up CME gap in few 4-8 weeks,” he noted.
$BTC bullish scenario
– Rejection here 50-50 on weekly
– Retrace to 00-6650
– Fill up CME gap in few 4-8 weeks pic.twitter.com/0WpNFh6E5y
— Mac (@MacnBTC) April 8, 2020
Although it does appear to be a strong possibility that Bitcoin will make a short-term movement down towards ,800, the support at this region could be enough to send the cryptocurrency skyrocketing higher in a move that erases virtually all of its recent losses.
Featured image from Shutterstock.
NewsBTC
Ethereum On Cusp of Explosive Move After Confirming Bullish Formation
Ethereum incurred a notable overnight surge that has allowed it to rally over 8%, gaining a firm position within the mid-0 region as it begins showing signs of building strong momentum against both its USD and BTC trading pairs.
Analysts are now noting that the cryptocurrency is nearing its first key resistance level, with its reaction to this level potentially being the sole factor that determines whether or not it is able to incur further momentum.
It is important to note that this recent movement did mark a breakout of a highly bullish technical formation that ETH had been forming throughout the past few days.
Ethereum Rallies Past 0 In Sharp Overnight Movement
At the time of writing, Ethereum is trading up over 8% at its current price of 6, which marks a notable climb from daily lows of 1 that were set just hours prior to the upswing.
This rally came about in tandem with that seen by Bitcoin, with bulls propelling the benchmark cryptocurrency past the strong resistance that it previously faced at ,000.
Ethereum, however, has been able to outperform BTC so far, as it is currently trading up nearly 4% against its Bitcoin trading pair.
One factor that could further bolster ETH in the near-term is the fact that this upwards breakout seemed to mark the confirmation of a bullish ascending triangle that the crypto had been forming.
NewsBTC reported about this formation yesterday, citing prominent cryptocurrency analyst Josh Olszewicz, with the upper boundary of this pattern existing at roughly 5.
He had noted that a confirmed break of the upper boundary of the ascending triangle would open the gates for an upside movement towards 0, which could mean that its rally is just getting started.
ETH Approaches Key Resistance, But Explosive Upside May Be Inbound
Olsewicz isn’t the only analyst setting near-term Ethereum price targets around 0, as Michaël van de Poppe – another analyst who trades under the pseudonym Crypto Michaël – noted that ETH could move towards 5 if it breaks the resistance at 9.
“Ethereum: Crucial levels coming up here. The BTC pair: Breaking and flipping 0.022 area would justify continuation towards 0.025. The USDT pair: Breaking and flipping 9 would justify movements towards 5.”
$ETH #ETHEREUM
Crucial levels coming up here.
The $BTC pair: Breaking and flipping 0.022 area would justify continuation towards 0.025.
The $USDT pair: Breaking and flipping 9 would justify movements towards 5. pic.twitter.com/sUVze8YLcx
— Crypto Michaël (@CryptoMichNL) April 6, 2020
Unless Bitcoin faces another swift rejection within the lower-,000 region, it does appear that Ethereum and the aggregated crypto market is positioned to see further near-term upside.
Featured image from Shutterstock.
NewsBTC
Data Shows Ethereum is Gearing Up for an Explosive Downside Movement
Ethereum has been closely tracking Bitcoin’s price action throughout the past several days and weeks, which has led ETH to once again enter a bout of sideways trading within the mid-0 region.
Despite being able to post a strong rebound from its recent lows, it is important to note that analysts are widely anticipating ETH to see an intense downwards movement in the near-term.
This also comes in tandem with some slight growth in the cryptocurrency’s open interest on BitMEX, which may be a sign that the crypto’s next move will be massive.
Ethereum Faces Weak Technical Situation as Analysts Eye Near-Term Downside
At the time of writing, Ethereum is trading up just under 1% at its current price of 3, which marks a slight decline from daily highs of over 5 but a notable rebound from lows of 5.
These lows were set yesterday in tandem with Bitcoin’s decline to ,800, with bull’s ardent defense of this level creating an upwards tailwind that has allowed virtually all major altcoins to rally.
In the near-term, it does appear that the mid-0 region has become resistance for ETH, and whether or not it moves past this level may be dependent on how Bitcoin trends.
One trader said in a recent tweet that Ethereum is flashing signs of weakness against its BTC trading pair, noting that it is currently hovering directly between key support and key resistance.
“Ethereum: The same approach still on ETH / BTC. I’m interested at 0.0172-0.0175 / 0.019-0.01925 areas for support or when we flip the 0.022 area. Right now it’s just hanging in between. Against USDT also not showing strength.”
Image Courtesy of Crypto Michaël
ETH Futures Sees Declining Volume, But Open Interest Begins Climbing
Two interesting trends that may suggest the next movement will be large are the crypto’s declining futures volume and climbing open interest on BitMEX.
According to data from Skew, Ethereum’s futures volume across all major cryptocurrency exchanges has declined significantly in recent times, hitting a monthly low on March 29th before climbing slightly yesterday.
In the past, low futures volume hasn’t lasted for too long, with it climbing as the crypto’s volatility picks up. This could mean that a big movement is imminent.
Further supporting this notion is the fact that open interest on BitMEX is showing tempered signs of growth, which is also a historical indicator of imminent volatility.
Featured image from Shutterstock.
NewsBTC
Bitcoin is On the Cusp of an Explosive Movement as Exchanges Face Mass Exodus
Bitcoin’s prolonged bout of sideways trading seen throughout the past couple of days may soon be coming to an end, as analysts are now noting that several technical factors point to the possibility that an explosive movement is imminent.
This also comes alongside a mass exodus of Bitcoin from exchanges, according to new data, which may be a sign that investors had been accumulating throughout the cryptocurrency’s recent downtrend and are now beginning to move their crypto to cold storage.
If this is the case, the recent accumulation may be a sign that this next bout of heightened volatility will favor buyers.
Bitcoin Inches Higher as Analysts Watch for Fireworks
At the time of writing, Bitcoin is trading up just under 1% at its current price of ,750, which is around where it has been trading at throughout the past couple of days.
This consolidation comes close on the heels of BTC’s recent uptrend, which led it to rally from lows within the ,000 region to highs of ,900. The resistance at this region has so far proven to be insurmountable, although consolidation beneath resistance is a historically bullish sign.
Big Cheds, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that the benchmark cryptocurrency’s Bollinger Bands are starting to pinch – a sign that a major movement is imminent.
“Bitcoin 4 hour – BB’s starting to pinch, expect volatility soon. Get the popcorn ready,” he explained.
$BTC #Bitcoin 4 hour – BB's starting to pinch, expect volatility soon.
Get the popcorn ready https://t.co/eRTF2WgOcT pic.twitter.com/JZZ4fuASqG
— Big Cheds (@BigCheds) March 26, 2020
As referenced by Cheds in a separate tweet, he believes that the next major movement will lead Bitcoin to rally to its bearish confluence around ,600, which may be where it loses its momentum and stalls.
Data Shows Investors Are Pulling BTC from Exchanges; Sign of Accumulation?
Glassnode – a prominent on-chain analytics firm – explained in a recent tweet that cryptocurrency exchanges have seen a massive outflow of Bitcoin in recent times, leading these exchanges to see their lowest BTC balance in roughly eight months.
“Despite the volatility, Bitcoin holders appear to be withdrawing their funds from exchanges. Outflow has been increasing daily since March 18. According to our labels, BTC exchange balances are the lowest they’ve been in ~8 months,” they noted.
Despite the volatility, #Bitcoin holders appear to be withdrawing their funds from exchanges. Outflow has been increasing daily since March 18.
According to our labels, $BTC exchange balances are the lowest they've been in ~8 months.https://t.co/iwiDqNlvuI pic.twitter.com/mnPb5vj6Yu
— glassnode (@glassnode) March 26, 2020
This seems to signal that retail investors who have been accumulating Bitcoin during the course of the recent downtrend are now moving it to cold storage, which is a bullish sign that suggests this next explosive movement will favor buyers.
Featured image from Shutterstock.
NewsBTC
Ethereum Just Broke a Key Technical Level, Opening the Gates for an Explosive Rally
Bitcoin saw a sharp upwards movement earlier today that allowed the cryptocurrency to surge as high as ,900, with this rally leading major altcoins like Ethereum to follow suit and further extend the momentum that was first incurred early yesterday.
Analysts are now noting that today’s rally allowed ETH to break above a key technical resistance level that was previously hampering its price action.
This break could prove to be highly bullish for the crypto in the near-term, potentially allowing it to rally towards 0 in the days ahead.
Ethereum Rallies Alongside Bitcoin and Most Other Altcoins
At the time of writing, Ethereum is trading up just under 5% at its current price of 8, which marks a notable climb from daily lows of 0 that were set yesterday.
It is important to note that ETH raced as high as 0 today before losing its steam and retracing back towards its current price levels, although it still appears to be bullish from a technical perspective.
Michaël van de Poppe – a popular cryptocurrency analyst on Twitter – explained in a recent tweet that the key near-term resistance Ethereum needs to surmount if it wants to continue climbing higher sits between roughly 2 and 3.
“Ethereum: Got there and rejected. Wonderful. If we clear 2-153 area, I assume we’ll rally towards 5-195. However, after such a rally I think it’s more likely to see retests of 0-125 before continuation,” he noted.
$ETH #ETHEREUM
Got there and rejected. Wonderful.
If we clear 2-153 area, I assume we'll rally towards 5-195.
However, after such a rally I think it's more likely to see retests of 0-125 before continuation. pic.twitter.com/9KcuBh0tPs
— Crypto Michaël (@CryptoMichNL) March 20, 2020
Although it is a possibility that ETH will decline further before garnering enough support to rally past 0, it still appears to be bullish over a mid-term time frame.
ETH’s Break of This Key Technical Level to Bolster Its Price Action
Although the crypto faced a rejection at its key resistance earlier today, it is important to keep in mind that it was able to invalidate the bearish double top that it was previously forming.
This has led Big Cheds, another popular crypto analyst, to explain that he is now targeting a movement up towards its 200-day moving average in the near-term, which currently sits at around 9.
“Ethereum daily – Broke its double top overnight, target MA 200, roughly 9,” he noted.
$ETH #Ethereum daily – Broke its double top over night, target MA 200, roughly 9 pic.twitter.com/Mb0m4RAbL9
— Big Cheds (@BigCheds) March 20, 2020
The hours ahead should elucidate whether or not today’s upswing will drastically alter Ethereum’s mid-term outlook, but it is appearing to be increasingly likely that the crypto will soon rally higher.
Featured image from Shutterstock.
NewsBTC
Ethereum is Laying the Groundwork to See an Explosive Rally Towards $140
Ethereum and the entire crypto market has continued trading sideways today despite the decline seen in the U.S. stock market, with Bitcoin showing some signs of breaking its correlation with the traditional markets.
Analysts are now noting that the strong support Ethereum has established within the lower-0 region may just be enough to send it higher in the days and weeks ahead, with one prominent trader explaining that it could soon rally up towards 0.
Despite this, there is a bearish technical formation that ETH is currently caught within that bulls need to invalidate, as an inability to do so could open the gates for further losses.
Ethereum Stable Around 5 as Bitcoin Shows Signs of Breaking Correlation with Global Markets
At the time of writing, Ethereum is trading down marginally at its current price of 4, which is around where it has been trading at throughout the past several days.
This stability has come about as a result of that seen by Bitcoin, which has been hovering within the lower-,000 region over the past couple of days, following a brief visit to lows of ,600 this past Monday.
Importantly, it does appear that Ethereum is currently caught within a bear pennant despite its ability to find some stability, which could be a dire sign that means further downside is imminent.
Jonny Moe, a popular analyst, spoke about this in a recent tweet, telling his followers that this could be a bearish sign for the crypto in the near-term.
“If you’re leaning bullish, ETH sure looks like a cleaner pennant,” he said.
If you're leaning bullish, $ETH sure looks like a cleaner pennant. pic.twitter.com/N5tMT7lumy
— Jonny Moe (@JonnyMoeTrades) March 18, 2020
ETH Could Rally Higher if Support Holds
Michaël van de Poppe, another well-respected cryptocurrency analyst and trader, explained in a recent tweet that he believes the support Ethereum has established within the lower-0 region could be enough to send it rallying higher in the days ahead.
“Similar here for Ethereum. Holding green and I expect a test of 5-140 to occur. However, losing green and I’ll be targeting /92/103 as next levels, probably around the lows,” he explained while pointing to the levels on the below chart.
$ETH #ETHEREUM
Similar here for Ethereum.
Holding green and I expect a test of 5-140 to occur.
However, losing green and I'll be targeting /92/103 as next levels, probably around the lows. pic.twitter.com/ntSYB8ZG3u
— Crypto Michaël (@CryptoMichNL) March 18, 2020
If bulls are able to defend the key aforementioned support and push Ethereum higher in the near-term, it will invalidate the bear pennant discussed by Moe, and open the gates for significantly further upside.
Featured image from Shutterstock.
NewsBTC