XRP/BTC is witnessing longest bear run since its inception. Its been eight months since this cryptocurrency is witnessing downtrend. Price of XRP/BTC has trimmed down from 0.0001083 BTC to 0.000026 BTC.
There are two possible reasons for this downtrend –
1) Ripple is selling XRP to its institutional investors every month which is amounted to 890M$ for last quarter, Ripple CEO – Brad Garlinghouse recently came to the defense of Regular XRP Sales quoting XRP Sales are about to helping expand XRP Utility. XRP Sales by the company is building fear among XRP Community – The community which was regarded as the best crypto community once is now looking clueless about XRP’s future.
2) The second possible reason is the overall trend of ALT/BTC Market due to the massive upside rally by Bitcoin in the past few months resulting into the huge jump in bitcoin dominance from 50 to 72%.
Is there any hope left for bulls?
It will be safe to say that XRP bulls are now driven by HOPE only, and that HOPE is upcoming Ripple annual conference – SWELL which is going to happen in Nov’19. It would be safe to say that few major coins like- TRON, EOS and ADA had witnessed a rally before their annual conference. So A Conference is definitely a catalyst here.
Last year, XRP/BTC did a rally of 181% in the month of September just a few days before SWELL’18. I am not a fan of historical patterns, but I consider SWELL is a price growth factor for XRP/BTC. So, there is a fair chance for XRP/BTC to go for a few weeks of run before the event.
How Technicals are looking?
XRP/BTC weekly is showing clear accumulation since last three weeks, If the price holds local low which is sitting around 0.00002349 BTC then there is a very likely chance that XRPBTC could perform pretty well in coming weeks.
If we look at MACD, we can spot an upcoming Bullish cross on weekly. Stoch RSI is also looking neutral at this time.
Moving Averages: Weekly is trading just under 7MA, 7MA acts as a bullish indicator, if price manages to build support above this MA which is at around 0.00002817 then there is fair chance for price to break above 0.00004 BTC or in case of bullish continuation price could reach 0.000064 BTC as well in next 4-8 weeks.
Entries: 0.000024-25 BTC
Exit: 0.00004-64 BTC
STOP: 0.00002 BTC
R:R = 12.28
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Hitesh Malviya is the Founder of ItsBlockchain. He is one of the most early adopters of blockchain & cryptocurrency enthusiast in India. After being into space for a few years, he started IBC in 2016 to help other early adopters learn about the technology.
Before IBC, Hitesh has founded 4 companies in the cyber security & IT space.
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