Brandt’s Bearish Take on XRP/BTC Ratio Could Hit Zero
In a recent analysis by Peter Brandt, a renowned expert in classical charting techniques, he suggested that the XRP to Bitcoin (XRP/BTC) exchange rate could potentially plummet to zero. Brandt’s traditional charting techniques forecast a bleak future for XRP against Bitcoin, drawing attention to key support levels and the persistent downtrend in the ratio.
Factors Influencing Brandt’s Bearish Outlook
Brandt’s analysis highlights several factors contributing to his bearish outlook on the XRP/BTC ratio:
- The chart showcases a consistent testing of key support levels over time, indicating a troubling trajectory for XRP against Bitcoin.
- Notable highs in 2017 are followed by a sharp decline from 2018 onwards, signaling a significant shift in market dynamics.
- The XRP/BTC ratio has been hovering near a critical support line, showing considerable volatility and a general downtrend since 2018.
Key Support Levels and Moving Averages
Brandt points out crucial support levels and moving averages on the chart:
- A historical support level around 0.000007 BTC, currently being tested by the market, could potentially break under the bearish trend.
- Two moving averages, the 8-week SMA at 0.00000838 BTC and the 18-week SMA at 0.00000990 BTC, indicate bearish momentum as the price remains below both averages.
Relative Strength Index (RSI) and Price Recovery Potential
The RSI on the chart, nearing the oversold territory at 28.80, suggests a potential for price recovery. However, the prevailing bearish sentiment raises caution among traders regarding a possible reversal in trend.
Implications of Brandt’s Analysis
Brandt’s assertion that the XRP/BTC ratio could head towards zero underscores the significance of technical levels and the inability of XRP to rebound from key support levels. His stark outlook for XRP against Bitcoin highlights the challenges the digital asset faces in the current market environment.
Brandt’s Follow-Up Remarks and Market Status
In a subsequent post, Brandt reiterated his bearish stance on XRP/BTC and questioned the optimism of XRP supporters. Despite trading at $0.49845 at the time, XRP’s performance against Bitcoin remains a cause for concern among investors.
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