While some political and corporate leaders have been eager to invest in and adopt cryptocurrencies, others are entirely hostile. Turkish President Tayyip Erdogan recently declared outright war on the Bitcoin network. President Erdoğan: "We Are At War" President Erdoğan expressed his opposition to Bitcoin in a meeting with Turkish students this Saturday. The event comes after one of them asked if the country's central bank would adopt cryptocurrencies. Erdogan responded with total rejection: "We have absolutely no intention of embracing cryptocurrencies. On the…
XRP has been weak in the short-term and based on the words of analysts, it could incur a remarkable upside move in the coming days, which may lead to the immediate key barrier close to $0.22.
At press time, the performance of XRP was nominal at a price of $0.196. Over the past week, XRP revealed some signs of strength, moving from $0.18 low to its highs established a few hours ago. Bitcoin has performed better as it moved from weekly lows of about $7k to highs of $7.8k.
Similarly, the performance of ETH was better as it incurred remarkable gains in the previous week from lows of $171 to highs of almost $200.
XRP is known for its dull performance since the time after its 2017 rally. It has failed to record the relief rallies incurred by several coins recently.
According to a renowned cryptocurrency analyst known as BigCheds on Twitter, XRP’s daily chart is not looking good:
“XRP Daily chart – Looks sad and lonely, not enjoying the gains that other alts have seen as of late,” he noted.
However, in spite of the lackluster performance, another renowned analyst on Twitter thinks that XRP may be in best position to incur an upsurge in the near-term:
“Always feels weird to say this but out of the majority of charts I see right now, XRP is looking in the best shape for upside for me. 15% – a move to 0.22 doesn’t feel too outrageous,” he explained.
ETH/USD Pair Price Analysis
In the previous week, ETH/USD pair maintained an uptrend over the $155 and $160. It was able to gain bullish momentum and incurred an upsurge over $180 barrier.
A look at its 4-hour chart shows that it broke $188 resistance and established levels over the 100 SMA. It attained a fresh monthly high close to $198.
Its first support is close to $192 while the initial major support is close to $188. The next barrier on the upside is close to $198. The same chart shows the formation of a short-term contracting triangle with barrier close to $198.
The pair may attain levels over $200 after moving above $198. The immediate barrier is close to $205, over which it could move towards $220 and $225.
The initial major support is close to $188, beneath which there could be increasing selling interest. The immediate key support is close to $186 and a connecting bullish trend line.
Any additional declines could lead to the $175 support or the 100 SMA.
Featured image courtesy of Shutterstock. Source: Cryptopress.