Despite XRP Surge, Weekly Close Could Have Deadly Implications

Tony "The Bull" Severino

5 years ago

2 mins read

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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.

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.

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

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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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.