“The Pattern Makes Xrp Vulnerable to Sharp Downside Volatility.”, – WRITE: www.coindesk.com
Alternative Cryptocurrencies Typically Move in Tandem with Bitcoin BTC$ 121,694.08But The Magnitude of Their Price Swings Often Differs.
Take payments-focused xrp as an example. Since July, Every Upswing in Bitcoin Has Trigen Rallies in XRP; However, XRP HAS CONSISTENTILY PRODUrated “Lower Highs.” A LOWER HIGH OCCURS WHEN A PRICE PEAK IS LOWER THAN The PREVIUS ONE, INDICATING WEAKING BUYING Pressure.
This Persentant of Lower Highs in XRP, Alongside Bitcoin’s New Highs, Signals Underlying Weakness in Xrp’s Momentum – A Sign of Less Conviction Among Xrp Buyers Compared. It Suggests that Xrp May Be vulnerable to Sharper Losses Durying Bitcoin Pullbacks.
XRP and BTC’s Daily Charts. (TradingView/Coindesk)
Bitcoin Embarked on a Sharp Rally in Late September, Reaching A New High of Over $ 126,000 On Monday. XRP ALSO SAW BUYING INTEREST, But ITS UPSWING PEAKED AT $ 3.10 – Well Belen Its September High of $ 3.19.
XRP HAD FORMED A SIMILAR LOWER HIGH IN MID-AUGUST, WHEN BITCOIN SURGED TO ITS THEN-AL-Time High of $ 124,000.
This Series of Lower Highs in XRP Since July, Occurring Against the Horizontal Support Zone of $ 2.65– $ 2.70, Suggests Weakening Buyer Strength.
In Other Words, with Each Lower High, The Likelihood of XRP Breaking Below This Support Zone and Potentally Triggering A Defeper Sell-Off To $ 2.00 Increses.
Prices NEED TO TOTOST LATEST LOWER HIGH OF $ 3.10 with High Volumes to Invalidate the Bearish Setup.
That said, as of now, the weeks macd hisistogram, A Key Indicator for Assessing Trend Strength and Potential Reversals, Supports The Bearish Outlook. IT Crossed Below The Zero Line Last Month and Is Now Production Progressely Deeper Bars Beneath Zero, Signaling Strengthaning Downward Momentum.
Xrp’s Weekly Chart. (TradingView/Coindesk)
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