{"id":5348,"date":"2020-11-06T23:00:05","date_gmt":"2020-11-06T23:00:05","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=449088"},"modified":"2020-11-06T23:00:05","modified_gmt":"2020-11-06T23:00:05","slug":"xrp-just-tapped-a-pivotal-level-could-it-soon-reverse-its-underperformance","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/xrp-just-tapped-a-pivotal-level-could-it-soon-reverse-its-underperformance\/","title":{"rendered":"XRP Just Tapped a Pivotal Level; Could It Soon Reverse Its Underperformance?"},"content":{"rendered":"

The altcoin<\/a> market has seen such a strong rebound today that even XRP has posted some gains.<\/p>\n

Despite seeing a slight climb today, the cryptocurrency<\/a> remains trapped within the range it has been caught within throughout the past few months and years, with buyers unable to surmount the lower-$0.30 region despite the strength across the aggregated market.<\/p>\n

There are a few reasons for this weakness, including the lack of utility garnered by the token, the relentless selloff from its 2017 highs, and the waning enthusiasm surrounding it.<\/p>\n

The previously robust “XRP Army” that were loyally backing the token have all moved on as it sees severe underperformance of Bitcoin and other altcoins.<\/p>\n

Where it trends next will likely depend mostly on the aggregated altcoin<\/a> market, but its lack of a correlation with either Ethereum or Bitcoin may continue plaguing its price action.<\/p>\n

One analyst is noting that there are some signs that the cryptocurrency is reaching a pivotal level against BTC that could shift its trend back into buyers’ favor.<\/p>\n

XRP Swings Higher Amidst Market-Wide Upsurge<\/strong><\/h2>\n

At the time of writing, XRP<\/a> is trading up just over 5% at its current price of $0.25. This is around the price at which it has been trading throughout the past few years, with buyers unable to break out of the $0.20 region.<\/p>\n

Today’s upswing is slightly positive for the embattled token’s holders. Still, until it can break above the $0.30 region, there’s only a slight chance that it will see any parabolic momentum.<\/p>\n

The dwindling community sentiment, lack of serious utility, and stagnant price action have all struck lethal blows to its technical strength.<\/p>\n

Unless Ripple reengages its efforts to drive utility to the token, there’s a strong possibility that it will continue losing value against Bitcoin and other altcoins.<\/p>\n

Analyst: The Token is Reaching a Pivoting Point against BTC<\/strong><\/h2>\n

One analyst explained<\/a> that although XRP is diving lower against its Bitcoin trading pair, there’s a strong chance that it will soon reverse this trend due to it reaching a pivotal point.<\/p>\n

\n

“Strong Ichi momentum… However, XRP just tapped a WP Level, right on a 1W Pivot, something certainly should not be ignored, next pivot in December, paying attention to this one on the small TFs.”<\/p>\n<\/blockquote>\n

\"Bitcoin\"<\/p>\n

Image Courtesy of Mitoshi. Source: XRPBTC on TradingView<\/a>.<\/pre>\n
The coming few days should provide investors with insights into where altcoins like XRP will trend while Bitcoin<\/a> enters a bull market.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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