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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

XRP Rebounds 10% In What Might Finally Be Ripple’s Reversal

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
3 mins read
ripple xrp bitcoin crypto altcoins

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2019 has been a tough year for altcoin investors, who have had to sit back and watch their asset’s value fall further while Bitcoin went on a parabolic rally. But no subset of altcoin holder has suffered as much as holders of XRP, the native token of the Ripple protocol.

The asset was among the year’s worst performers and has fallen 99% from its all-time high set back nearly two years ago. However, relief may finally be in sight as the early signs of what might be a reversal for XRP are starting to take shape.

XRP Rises 10% on USD Pair, 5% Against Bitcoin

Throughout 2019, the price of Bitcoin rose over 350%, meanwhile, Ripple’s XRP token has set yet another fresh yearly low this past month. But now that Bitcoin has started to plummet, XRP is showing the first signs that a reversal may be forming on price charts, and has already risen as much as 10% over the last 24 hours on the XRP/USD trading pair.

Related Reading | XRP Breaks Below Bear Market Bottom, Will The Rest of Crypto Follow?

Even the XRP/BTC trading pair, which has taken a beating throughout the year, has rebounded 5% on the day and is showing signs of strength against the first-ever cryptocurrency by market cap, Bitcoin.

The crypto asset has been the worst performer of the year, alongside Tron. Earlier in the month, Ripple posted some strong gains at what many had believed was a much overdue alt season, however, Bitcoin dropped and any gains evaporated in a day.

$XRP – Back to back weekly closes above the 10-week moving average, first time since Dec 2018. pic.twitter.com/n971DluwP0

— Bob Loukas 🗽 (@BobLoukas) September 30, 2019

But this latest rally was accompanied by two weekly back to back closes above the 10-week moving average, making it the first time XRP has done so since December 2018 when most of the crypto market set its bottom.

Is This a Reversal Or Just Ripple’s Swell Conference Rally?

The last time this occurred, was September 2018, a month before Ripple’s annual Swell conference – an event that typically causes the price of XRP to surge. At that time, Ripple spiked to nearly $0.50 per XRP from lows under $0.30.

Related Reading | Will Upcoming Ripple Conference Cause XRP Price to Swell? 

This time around, Ripple’s conference takes place in November, however, the recent price action could very well be buyers loading up in preparation to sell the “news” during the event – whatever that news may be.

If Ripple can sustain any pre-Swell pumps, XRP could be staging a full-blown reversal after nearly two full years of downtrend. In the past, when Ripple finally broke out of its downtrends, it ended with fireworks.

During 2017, Ripple broke up from a downtrend at under one cent per XRP, and at the turn of the new year, Ripple had reached $3.65 per XRP – a gain of over 36400%.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

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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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

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.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

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.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

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.

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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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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

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