Cryptocurrencies are going through a wide and long consolidation phase. The key for crypto investors is to find relative strength. Surprisingly, one coin that shows relative strength is XRP. Yes, XRP is still alive and kicking even though it doesn’t ‘feel’ like that.
In our crypto investing research service we found that cryptocurrencies currently fall in one of the following 3 categories:
- Cryptocurrencies that are printing higher highs (against last June/July).
- Cryptocurrencies that are retesting last year’s lows.
- Cryptocurrencies that are making fresh new lows.
There are not a lot of cryptocurrencies that fall in the first group, but XRP is one of them.
The chart looks choppy, trendless. In the end, it is trendless in a way. But if you look carefully you can see how the setup is improving, it’s getting more constructive.
XRP is going to find a lot of resistance in the 0.85 – 1.05 area. It’s the area to overcome, and it won’t clear this area as long as BTC stays below 45k. Once bullish momentum returns with BTC leading the crypto market higher we do expect XRP to ‘break out’.
In our premium crypto service we identify the strongest altcoins which came out of our monthly 35 crypto chart analysis.