Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
If you have been keeping an eye on the XRP-to-Bitcoin pair lately, today's daily candle might feel like the moment things started to settle into place.
On April 7, the daily chart showed a clear breakdown below the lower Bollinger Band, which is the strongest bearish confirmation the pair has seen in months. Basically, XRP/BTC just hit its most decisive technical level since the downturn began.
Alex DovbnyaIt dropped to 0.00002267 BTC, below the lower Bollinger Band, but then it recovered a bit. This close to the lower band's limit does not happen often. When it does, it usually marks a turning point or the start of a fast slide. Looking at the structure, it seems like this may be a bottom for XRP versus Bitcoin.
Now that the lower Bollinger Band has been touched and recovered, XRP/BTC has officially entered the zone, where the balance should be restored. That may be a 11% move up from current levels, right to the middle band represented by the 20-day moving average.
Tomiwabold OlajideIt is important to note that the daily close above the lower band is still needed to raise a possibility for this scenario. Otherwise, the slide for XRP against BTC may continue.
Vladislav Sopov
Dan Burgin