In a recent analysis shared via (XRP/btc) could potentially go to zero. Brandt's analysis applies traditional techniques inspired by pioneers such as Schabacker, Edwards and Magee to forecast this dramatic trend.
Brandt twitter.com/PeterLBrandt/status/1789858720094019866″ target=”_blank” rel=”nofollow”>fixed, “From a purely classical graphing point of view (i.e. Schabacker, Edwards, Magee), this graph appears to be heading towards zero. “XRPBTC”
Why Brandt Thinks XRP Will Go to Zero Vs. btc
The chart indicates a worrying trajectory for XRP when trading against bitcoin, with key support levels being constantly tested over time. The weekly chart shows a series of peaks and valleys with notable highs in 2017 and a sharp decline starting in 2018.
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Recently, the XRP/btc ratio has been hovering around a crucial support line, illustrated by a dashed horizontal line on the chart. Notably, the chart shows that XRP/btc experiences significant volatility over the years. After reaching highs in 2017 at 0.00025 btc, it has been in an overall downtrend, especially notable after September 2018. “XRPPBTC has lost 70% of its value since the November 2017 release,” Brandt commented.
Brandt highlights a critical historical support level for the digital asset at around 0.000007 btc (black line), which the market is currently testing. The continuation of the downtrend could break this support.
Additionally, two moving averages are represented on the chart. The 8-week SMA (simple moving average) is currently at 0.00000838 btc, while the 18-week SMA is at 0.00000990 btc, indicating bearish momentum as the price is below both averages.
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The Relative Strength Index (RSI) on the chart, with a 14-week period, is at 28.80, close to oversold territory. Typically, this could suggest price recovery potential, although the persistent bearish sentiment depicted suggests caution.
Peter Brandt's claim that the His comment reflects a gloomy outlook for XRP compared to bitcoin, emphasizing the importance of these technical levels in predicting future moves.
In a follow-up post about My comparison is with btc, not USD, so this is what I don't understand. How can XRP bulls be so insistent that XRP is close to ATLs against btc and in fact has only closed above current levels in 6 of the last 126 months?
At press time, XRP was trading at $0.49845.
Featured image from Shutterstock, chart from TradingView.com
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