Ripple has been deteriorating in bear territory for most of 2019 against bitcoin. The third-largest cryptocurrency is down by over 63% year-to-date. The deep dive has driven many traders to take a bearish stance on the XRP/BTC pair.
Nevertheless, the widely-followed accounts on Crypto Twitter (CT) think otherwise. They are seeing encouraging developments in the coin that they are sharing bullish charts.
In trading, it always pays to look at both sides of the coin. Sometimes, taking a contrarian stance can help protect your capital.
In the case of the XRP/BTC pair, the overall sentiment appears to be bearish. However, reputable CT traders are seeing developments suggesting that the cryptocurrency is coming back to life.
For instance, The Crypto Dog, who has amassed over 160,000 followers, tweeted how Ripple may be ready to bite back against bitcoin.
Every bullish MACD crossover on the weekly chart was followed by significant price increases.
Trader Luke Martin, who has over 200,000 followers, is also bullish on the coin. In the near-term, the analyst sees XRP/BTC climbing to 4,000 satoshis.
TraderSZ is also bullish on the pair. Instead of just posting a bullish chart on Twitter, the active trader actually took on a trade. Even though his target was already hit, the analyst believes that the cryptocurrency has more room to run.
This is just the tip of the iceberg. If you closely follow other reputable traders on CT, you will see that they are also feeling bullish on the coin.
We spoke to Scott Melker, also known as The Wolf of All Streets, regarding the prospects of Ripple in its BTC pair. The crypto trader said,
It’s overbought at the moment so a retrace is somewhat expected.
He then added,
But [on the] larger time frame, [it] looks bullish.
Trader Crypto Krillin agrees with Scott Melker. The analyst, who actually longed the XRP/BTC pair, told CCN.com,
Is it a good idea to FOMO now? No.
The trader added,
I think 4,000 satoshis is a reasonable target. The chart finally looks good and we know [that] the Swell conference can cause [a] gigantic pump.
The analyst concluded,
It’s impossible to predict how much people will FOMO on that big pump. What I know is 4,000 is a good target for now.
The Swell conference will take place Nov. 7-8. In the past, the event has been a catalyst for a strong XRP pump.
Disclaimer: The above should not be considered trading advice from CCN.com. The writer owns bitcoin, XRP, and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.
This article was edited by Sam Bourgi for CCN.com. If you see a breach of our Code of Ethics or Rights and Duties of the Editor, or find a factual, spelling, or grammar error, please contact us and we will look at it as soon as possible.
Last modified: June 14, 2020 9:39 AM UTC