Hoi hoi! After our XRP analysis the day before yesterday, we saw a red picture in Crypto. I posted that I was wrong about Bitcoin, but it will be accurate that BTC will plunge further down to $49,000.
XRP maintains its current position around $0.50, while BTC lost momentum. This is because the XRP/BTC pair's long downtrend has reverted.
Remember when we discussed the reversal moment of our XRP/BTC pair on the 7th of April:
We have addressed that the reversal moment will be in April, and the XRP / BTC pair looks like the reversal has begun.
1. XRP/BTC Pair in the Monthly Time Frame
Reversal started in April with the Bullish pin bar and a sign, and it continued with the green reversal bar.
This tells us that XRP will maintain its position against Bitcoin even if we have lower BTC values in the future. This is why BTC has a 6% loss while XRP is not depreciating. The pair appreciates +7%, which tells us XRP will be stronger.
2. XRP/BTC Pair in the Weekly Time Frame
This shot makes it much more apparent that XRP started to wake up. Red Support worked for the pair in April as expected. Today, we see a jump of +7% against BTC.
XRP will soon get above the Orange trend line, which worked as previous Support and is now an essential Resistance to break.
A closer look to the weekly frame:
3. XRP/BTC in the 3 Monthly Time Frame
Wow, that's the one I would like to highlight. It is clearly a Bullish Hammer forming!
Historical data shows that XRP maintained the MAIN Support and is expected to appreciate insanely against Bitcoin.
I will update you as soon as we have further changes!
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Wish you a great day ahead!
Dark.
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