XRP is forming a bottom pattern of Adam & Eve, is this a sign of bull start?

Data provider Messari shared in a recent post that Ripple's XRP was one of the worst performing cryptocurrencies in Q1 2020.

But, analysts are observing that XRP is starting to show signs of recovery (XRP / BTC chart).

The XRP chart forms a bullish signal

According to the famous trader Big Cheds, a weekly chart of XRP / BTC is in the process of forming Adam & Eve bottoms, marked by a spike, a slight rebound, and a consolidation bottom marking the beginning of a bull. run.

On March 31, Luke Martin posted the chart below, showing that he hopes XRP will surpass BTC in the next few weeks.

While his comment attached to the chart is unclear, the chart shows that XRP is recovering strongly from lower support levels in the long-term range compared to BTC, reinforcing the bullish story.

In addition, the Bitcoin dominance rate has recently retested and failed to overcome the uptrend for two years, altcoins are expected to soon have some chance to rise higher than King Coin.

Flight to a safe place can hurt altcoin

While technical signs are pointing to impending power in the altcoin market, especially XRP, the fundamentals tell another story.

Dan Morehead and Joey Krug of Pantera Capital explain Bitcoin will probably outperform other tokens for a while, explaining that it is one of the most entrenched and not funded crypto projects:

“This is a project that has been built, it works, it has a track record of 11 years. Many newer blockchain projects and smart contracts are still under development and can focus on raising funds to complete their development. ”

They further explained that it is typically a flight to a safe place, where people want to put money into the largest capitalized coin, the safest asset, the "treasury" of the industry. In the case of crypto assets, Bitcoin is a treasury bond, as it is far more liquid than the rest, including Ethereum and XRP.

Notably, Morehead commented in a later interview with Real Vision's Raoul Pal that he expected this trend to be temporary (lasting for half a week) and that the regular dynamics between Bitcoin and the last altcoin. The same will come back again when the crisis is over.

You can see the price of XRP here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.


According to Newsbtc

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