• 29 May, 2024
News

Analyst Predicts XRP’s Potential to Flip BTC: Technicals Indicate Bullish Momentum

Dark Defender, a popular analyst, has made a bold prediction that Ripple’s XRP is poised to flip Bitcoin (BTC) and take the lead in the cryptocurrency market. With XRP holding steady at the crucial Fibonacci level of 23.6%, which serves as a retest of a previous break, the stage is set for a potential appreciation of XRP against BTC in the near term.

Notably, popular analyst Dark Defender foreshadowed  a potential game-changer in the cryptocurrency market, as Ripple’s XRP holds steady at the crucial Fibonacci level of 23.6%:

The Fibonacci level at 23.6% carries significant weight in technical analysis, representing a crucial support level for potential trend reversals or continuations. By holding firm at this level, XRP’s performance indicates the possibility of a changing tide in the power dynamics between XRP and BTC.

The cryptocurrency market has been experiencing a whirlwind of events, and XRP is no exception. XRP’s price is $0.47, posting a 4.36% increase in the past 24 hours. This recent price action has left the token’s market capitalization at a staggering $47,207,566,149.49.

Source: TradingView

Technical indicators revealed a positive outlook for XRP’s future. Its Exponential Moving Average (10) stands at 0.4457, while the Simple Moving Average (10) is at 0.4372, both signaling a “Buy” recommendation. Furthermore, the Exponential Moving Average (20) and Simple Moving Average (20) also indicate bullish momentum, with values of 0.4492 and 0.4469, respectively.

In contrast, the Simple Moving Average (50) is the only indicator flashing a “Sell” signal at 0.4774. However, this is countered by the Exponential Moving Average (50), which stands at 0.4554, endorsing a “Buy” recommendation.

Source: TradingView

The oscillators present a neutral stance with the Relative Strength Index (14) at 54.4368, Stochastic %K (14, 3, 3) at 74.2697, and the Commodity Channel Index (20) at 66.4797. The Average Directional Index (14) remains neutral at 20.8954, along with the Awesome Oscillator at -0.0148.

In conclusion, Dark Defender’s prediction regarding Ripple’s XRP potential for flipping Bitcoin (BTC) has created a buzz of excitement within the cryptocurrency community. Since XRP has been able to maintain a price above the 23.6% Fibonacci retracement level, a future rise in XRP’s value relative to BTC is possible.

Ledger Defends Recovery System and Makes Claims Technically, Expert Predicts Read Previous

Ledger Defends Recovery System and Makes Claims Technically, Expert Predicts

Crypto Trader Analyzes BTC’s Bearish 1W Close in Black Below $27,600 Read Next

Crypto Trader Analyzes BTC’s Bearish 1W Close in Black Below $27,600