Crypto Analyst Says XRP Fireworks Are Coming After Bounce From 2014 Support

Tony "The Bull" Severino

1 year ago

3 mins read

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Few crypto tokens or altcoins have been affected by the crypto bear market than XRP, also known as Ripple. Even though Bitcoin and many others have regained much of their lost all-time high value, XRP is still down over 93% from its $3.84 price record.

Investors have grown increasingly bearish on XRP, and many expect the asset to continue to fall into oblivion. however, one crypto analyst says that “fireworks” are “incoming” for XRP, as the asset’s price hit historic support stemming all the way back to 2014.

Fireworks Incoming If XRP Historic Support Holds

Altcoins are regularly valued in both USD and BTC. XRP is down by 93% from its all-time high in USD value and is now resting on support on the XRP/BTC trading pair that dates all the way back to 2014 on crypto exchange Poloniex, according to one crypto analyst.

The analyst claims that support at this level will hold, the trader’s sentiment has flipped bullish after long being bearish on the crypto asset, and expects that “fireworks” will occur in the coming days now that XRP has hit that significant support level.

XRP has held support at roughly 2500 satoshi – the lowest unit of measurement in BTC. The analyst expects a strong move up to 4000 sats, which would represent a 60% increase in value relative to Bitcoin.

As bad as the outlook has been for XRP against its USD trading pair, bleeding out all throughout 2018, against the BTC ratio is where the real destruction has occurred in 2019. Bitcoin’s parabolic rally sucked all the capital out of altcoins, causing BTC dominance to grow to levels not seen since before the last bull run.

https://twitter.com/pentoshiswallet/status/1167087507407851520?s=21

Even the founders of altcoin projects admit that most tokens in the market lack utility, however, XRP has real-world use cases and is already in use by many financial institutions. Ripple is among the few crypto assets to remain high up within the top ten cryptocurrencies by market cap since the list existed, while most other altcoins have not only struggled to maintain the positions, they’ve often struggled to remain relevant at all.

XRP’s sell pressure has largely been driven by its own executive team, however, with that set to stop, and with retail investor sell pressure finally beginning to exhaust, the current support XRP is resting on very well could hold, and those fireworks could soon be for Ripple bag holders to celebrate an eventual move to the upside.

If the support doesn’t hold, though, another massive drop may be in the cards, and XRP could reach lows not seen in over five years.

Featured image from Shutterstock

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
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In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.