While investors worry that the recent high selling pressure on Bitcoin (BTC) may cause further declines in the prices of altcoins, some top analysts believe XRP might be in for another rally instead.
Per a Thursday update from Cryptoes, a widely followed technical analyst, XRP has touched a longstanding support — which has been valid since late 2020 — on the XRP/BTC chart. The support situated at 0.00001455 price point on the chart has been retested over seven times since December 2020, making it seem solid.
According to the Bitcoin and XRP devotee, it is the “most significant support on the XRP/BTC chart.” Hence, he expects the price of XRP against BTC to bottom out at the 0.00001455 level. However, Cryptoes submitted that XRP could take a few weeks to consolidate before moving into an uptrend.
— Cryptoes (@cryptoes_ta) May 11, 2023
“This is the most significant support on the XRP/BTC chart and I think this is where we bottom. Could consolidate for [a] few weeks before [going up],” he wrote.
Egrag, a pseudonymous but notable analyst who accurately predicted the XRP pump in March conveyed a similar view. In response to Cryptoes’ tweet, he noted that the price of XRP against BTC could rally to 0.00007757 if it crosses the 100 moving average (MA) on the one-week XRP/BTC chart.
He replied, “Nice Chart Mate. However, XRP/BTC weekly chart is getting hammered by the 20MA and it failed to cross the 100MA. But I am still waiting for a pump to close above the falling Wedge. Let us wait and see.”
Let us wait and see. pic.twitter.com/VEpQPQ2kmi
— EGRAG CRYPTO (@egragcrypto) May 11, 2023
As previously reported, Egrag has been very bullish on XRP since the year began, stating that XRP below $1 is a life-changing opportunity. Recently, he shared an analysis, showing that the sixth-largest asset by market cap could surge between 300% to 30,000%.