Analysts are looking for an XRP pump against Bitcoin

The consensus among these market observers is that the price of XRP against Bitcoin could consolidate for a few weeks before staging a rally.

XRP has underperformed Bitcoin (BTC) since early April, leading to sustained XRP/BTC declines over the past five weeks. However, analysts are currently looking for a pump as they identify an important support level at the current position.

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

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

— Cryptoes (@cryptoes_ta) 11 May 2023

However, Cryptoes noted that last week’s drop knocked XRP to a crucial support level. According to the analyst, further decline is unlikely, as XRP/BTC may have bottomed out at the current position. He noted that XRP could trade on a range in this position for a few weeks before a rally.

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

Egrag pointed out that the 20 MA is currently putting downward pressure on XRP, which is a crucial sign of weakness. Additionally, the 100 MA acts as strong resistance, indicating that it may be difficult for the price to break above that level.

Nice Chart Mate. On the other hand, #XRP/#BTC Weekly chart is hammered by 20 MA and it failed to cross 100MA. But I’m still waiting for a pump to close over the falling wedge.

Let’s wait and see. pic.twitter.com/VEpQPQ2kmi

— EGRAG CRYPTO (@egagcrypto) 11 May 2023

However, Egrag revealed that he expects a price increase that could 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 trend line.

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