{"id":5666,"date":"2020-11-26T21:00:53","date_gmt":"2020-11-26T21:00:53","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=450932"},"modified":"2020-11-26T21:00:53","modified_gmt":"2020-11-26T21:00:53","slug":"xrp-sees-massive-retrace-but-analysts-remain-optimistic","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/xrp-sees-massive-retrace-but-analysts-remain-optimistic\/","title":{"rendered":"XRP Sees Massive Retrace, But Analysts Remain Optimistic"},"content":{"rendered":"

XRP has been on a roller-coaster of a ride throughout the past few days and weeks, with the crypto randomly breaking out of a multi-year trading channel earlier this week that allowed its price to ascend as high as $0.90 on some exchanges.<\/p>\n

The selling pressure here was significant, with many long-term holders using the pump as an exit opportunity.<\/p>\n

It has struggled to gain any momentum since, which could be a sign that downside is imminent in the days and weeks ahead.<\/p>\n

The downturn seen across the aggregated market may also be hampering its growth, as BTC and ETH have both plunged and caused most altcoins to post some serious losses.<\/p>\n

One trader is now noting that there are some signs that XRP<\/a> could be forming a long-term bottom. He points to it closing above a key high time frame level while potentially locking in a bullish divergence in the near-term.<\/p>\n

For these potentially bullish factors to result in the cryptocurrency seeing any significant upside, bulls must hold it above one crucial level in the days ahead.<\/p>\n

XRP Struggles to Gain Momentum as Market Turns Lower<\/strong> <\/strong><\/h2>\n

At the time of writing, XRP<\/a> is trading down nearly 30% at its current price of $0.46. This marks a massive retrace from its recent highs of nearly $0.90 set earlier this week at the height of its parabolic uptrend.<\/p>\n

Where the entire market trends in the mid-term may depend largely on Bitcoin trends next, as the selling pressure it has been facing led it to dip as low as $16,200 earlier today before it saw a sharp rebound.<\/p>\n

XRP does appear to be finding some support around its current price levels. A continued bout of trading here could allow it to rally higher.<\/p>\n

Here’s Why the Crypto is Showing Signs of Strength<\/strong><\/h2>\n

One trader explained<\/a> in a recent tweet that XRP is showing some signs of technical strength.<\/p>\n

He notes that the intense buying pressure that has been seen around its current price levels could confirm this as a high time frame support region.<\/p>\n

\n

“XRP: Wishful thinking that it closes this hourly green, locks in the div, and stays above key HTF level?”<\/p>\n<\/blockquote>\n

\"XRP\"<\/p>\n

Image Courtesy of Smokey. Source: XRPUSD on TradingView.<\/a><\/pre>\n
XRP will likely trade similarly to other top altcoins in the days and weeks ahead, making strength seen across BTC<\/a> and ETH pivotal for the crypto to move higher.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
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