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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Analyst: XRP Posts Failed Breakout as It Loses Its “Coil Power”

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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  • XRP has been caught in the throes of volatility as of late, with much of this greatly favoring bulls
  • The crypto saw a parabolic upswing earlier this week that caused its price to multiply over the past few days
  • This intense upswing has slowed down, and the lack of any fundamental catalysts backing this movement may make it feeble and easily reverted
  • Where it trends in the near-term will depend largely on bulls, as any dissipating buying pressure could give room for the crypto to see an intense decline
  • One trader is now noting that XRP could be on the cusp of seeing a selloff in the days and weeks ahead

XRP has surprisingly been one of the best performing altcoins throughout the past few days and weeks, with the previously “dead” cryptocurrency seeing a massive resurrection when inflows of capital poured in at a rapid rate.

Where it trends in the mid-term will depend largely on Bitcoin and Ethereum, as these two cryptocurrencies have been guiding the price action seen by smaller cryptocurrencies over the past few weeks.

It is important to note that XRP is showing signs of technical weakness, with one analyst noting that a serious selloff could be just around the corner.

XRP Losses Steam as Sellers Move to Erase Recent Gains

At the time of writing, XRP is trading down just under 7% at its current price of $ 0.65.

Although it is down significantly from its recent highs, the crypto is still up from its lows of $0.23 set just before this parabolic rally took place.

It is down from its $0.80 highs set yesterday during the height of the XRP mania, but there’s still a serious chance that bulls will regain control of its price action.

A Failed Breakout Could Lead to Further Downside

One trader explained in a recent tweet that XRP could be on the cusp of seeing a sharp decline, with the token losing its momentum following the recent rejection at $0.80.

He notes that it has “no coil power left,” which is a bear-favoring sign.

“XRP: Failed breakout, back inside the pennant, and way too deep inside now. Therefore, no coil power left, expecting chop. If still interested in trading this, close chart and set alerts at for HTF levels.”

XRP

Image Courtesy of Chase_NL. Source: XRPUSD on TradingView.

The coming few days should provide some serious insight into where XRP and the altcoin market will trend next.

There’s a strong possibility that it will be largely determined by where Ethereum and Bitcoin move in the days ahead.

Featured image from Unsplash.
Charts from TradingView.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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