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XRP may have rallied over 100% from its recent local bottom following Black Thursday and 20% within the last ten days alone, but last night’s weekly close could have deadly implications for the number three crypto asset by market cap.
Ripple’s Over 100% Rebound From Black Thursday Lows
After maintaining the title of the worst-performing asset in the top ten cryptocurrencies by market cap for over two years running, XRP had been showing signs over the last two months that a new uptrend may be forming.
Related Reading | Powerful XRP Fractal Points To Redemption Rally, Start of New Uptrend
From its Black Thursday bottom to the most recent peak, XRP rallied over 100% – more than doubling in value. In the past ten days alone, the number three cryptocurrency by market cap had surged 20%, restoring faith in investors.
A number of buy signals had triggered both on the USD and BTC trading pairs. And while it is possible that XRP could continue to grow due to Bitcoin’s bullishness dragging up the rest of the market, last night’s weekly close could be disastrous on the XRPBTC trading pair.
XRP Closes Below Critical Level on BTC Trading Pair, What Comes Next For the Altcoin?
XRP may have been bullish on the XRPUSD trading pair more due to Bitcoin and its halving, according to a nasty weekly close on the XRPBTC trading pair.
The same buy TD Sequential buy signals that triggered on XRPUSD that appear to have led to at least some upside have failed miserably on the XRPBTC trading pair.
These highly accurate signals failing, could be a sign of just how bearish the outlook is for Ripple.
Just as Bitcoin’s bull run in late 2017 rally got heated, it did so at the expense of altcoins like Ripple. On XRPBTC price charts, Ripple fell below 2500 sats briefly to just 1500 sats, before exploding by over 1000% and reaching an all-time high of over $3.50 and over 22,000 sats.
Ripple hasn’t had a single weekly close below the 2500 sat level since then, until now. XRPBTC just closed below 2500 support for the first time since 2017.
Related Reading | Altcoins Face The Most Important Weekly Close in Crypto History
The last time XRP closed below this key support level, the crypto asset plummeted another 40% in just two short weeks to under 1500 sats. Then, however, it did the unexpected and went on a stocking rally towards its all-time high.
If Ripple can reclaim the level, will we see another explosive uptrend? Or is there a chance that Ripple falls to the lowest ever support level at just 500 sats per token? With Bitcoin’s halving here, and the coronavirus continuing to shake up markets, truly anything is possible.
Featured image from Pixabay
