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The altcoin market saw such a strong rebound today that even XRP recorded some gains.
Despite seeing a slight climb today, the cryptocurrency remains trapped within the range it has been caught in over the past few months and years, with buyers unable to break out of the sub-$ 0.30 region despite the strength of the aggregate market.
There are a few reasons for this weakness, including the lack of utility garnered by the token, the relentless sell-off from its 2017 highs, and the waning enthusiasm surrounding it.
The robust precedent “XRP Army” that was faithfully backing the token has moved on as it sees severe underperformance from Bitcoin and other altcoins.
The next trend will likely depend primarily on the aggregate altcoin market, but its lack of correlation with Ethereum or Bitcoin may continue to haunt its price action.
An analyst is observing that there are some signs that the cryptocurrency is reaching a fundamental level against BTC which could revert its trend in favor of buyers.
XRP swings higher amid a surge in the market
At the time of writing, XRP is trading up just over 5% at its current price of $ 0.25. This is roughly the price it has been trading at in recent years, with buyers unable to break out of the $ 0.20 region.
Today’s recovery is mildly positive for troubled token holders. However, until it manages to break out of the $ 0.30 region, there is only a slight chance it will see parabolic momentum.
Declining community sentiment, lack of serious utility, and stagnant price action have dealt lethal blows to its technical strength.
Unless Ripple resumes its efforts to drive the token’s utility, there is a strong possibility that it will continue to lose value against Bitcoin and other altcoins.
Analyst: The token is reaching a tipping point against BTC
An analyst explained that although XRP is dipping lower than its Bitcoin trading pair, there is a strong possibility that it will soon reverse this trend due to a pivotal point being reached.
“Strong Ichi momentum … However, XRP has just hit a WP level, right on a 1W Pivot, something certainly shouldn’t be ignored, next pivot in December, pay attention to this on small TFs.”
Image Courtesy of Mitoshi. Source: XRPBTC on TradingView.
The next few days should provide investors with information on where altcoins such as XRP will go as Bitcoin enters a bull market.
Featured image from Unsplash. Charts from TradingView.
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