Analysts Look Out For an XRP Pump Against Bitcoin

There is a consensus among these market watchers that the price of XRP against Bitcoin might consolidate for some weeks before staging a rally.

XRP has been underperforming compared to Bitcoin (BTC) since the start of April, leading to persistent XRP/BTC declines for the past five weeks. However, analysts are currently looking out for a pump as they identify a key support level at the current position.

Cryptoes, an XRP and BTC chartist, recently called attention to this support, picking up data from the XRP/BTC weekly chart. The chart shows that the price of XRP has continued to drop against Bitcoin’s value for five consecutive weeks since April 3.

This is the most significant support on the #XRP/#BTC chart and I think this is where we bottom | Could consolidate for few weeks before 📈 $XRP pic.twitter.com/cCOjD8iJIW

— Cryptoes (@cryptoes_ta) May 11, 2023

However, Cryptoes noted that the drop from the previous week battered XRP to a crucial support level. According to the analyst, subsequent declines are unlikely, as the XRP/BTC may have bottomed out at the current position. He noted that XRP could trade at a range in this position for some weeks before staging a rally.

Egrag, another prominent analyst, further highlighted a bearish trend observed on the chart. He called attention to two moving averages (MA) on the weekly chart: the 20 MA and the 100 MA, emphasizing that these indicators suggest a weakness in the market.

Egrag pointed out that the 20 MA is currently putting downward pressure on XRP, which is one crucial sign of weakness. In addition, the 100 MA is acting as strong resistance, indicating that it might be difficult for the price to break above that level.

Nice Chart Mate. However, #XRP/#BTC Weekly chart is getting hammered by the 20 MA 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. pic.twitter.com/VEpQPQ2kmi

— EGRAG CRYPTO (@egragcrypto) May 11, 2023

However, Egrag disclosed that he anticipates a price increase that may help XRP close above the falling wedge. When an asset closes above the upper trendline of a falling wedge pattern, it is often seen as a bullish signal. This indicates that the buyers have gained enough momentum to break through the resistance level created by the upper trendline.

XRP is trading at 0.00001623 as of press time, up 4.71% in the past 24 hours against Bitcoin. The asset has gained in four consecutive days against BTC this week, registering a 2.85% increase since the start of the week. This comes after five consecutive weeks of losses.