Ethereum Analyst Who Predicted Parabolic Breakout Says XRP Is Next

By October 25, 2020Ethereum
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An ethereum analyst who predicted that the second cryptocurrency will hit a parabolic breakout, says that XRP is next as its price has been rather lackluster as of late with buyers and sellers remaining locked as they have a hard time to gain control of the near-term trend of the cryptocurrency. Let’s read more in today’s Ripple price news.

The lack of momentum is not new for XRP as the token has been stuck in a macro consolidation phase over the past few years against both the USD and BTC trading pairs. This caused the community to go dry with the so-called XRP Army “evaporating” as they move on to other projects. It’s also important to note that XRP has huge growth potential as many traders still see it as a short-term vehicle to provide gains because of the tendency to see parabolic moves.

eth/usd
Image Courtesy of @SmartContracter. ETH/USD

One Ethereum analyst who predicted a parabolic rise for ETH pointed out some similarities between the ETH price before the move and XRP’s current price action. This insinuated that it could see some serious upsides that lead to the resistance in the upper $0.20 region. The buying pressure was decent and should remain steady as long as the wider market stays bullish. Unless the XRP-token starts to gain some bigger utility via Ripple’s partnerships, any price pump in the near-term will be fleeting due to the fact that it is backed by short-term traders.

xrp/usd
Image Courtesy of @SmartContracter. XRP/USD

While sharing his thoughts on the embattled crypto current outlook, one analyst said that he expects it to see some short-term upside and follow the ETH footsteps:

“Basically xrp looks exactly like eth did before it broke out yesterday… easy scalp long imo,” he said while pointing to the similar elements seen between the charts of the assets.”

XRP’s recent inability to follow the market was a bad sign and could indicate that there could be some more underperformance is upcoming our way. With that being said, there’s a strong possibility that it will see a short-term upswing towards $0.30 in the days ahead. In our recent XRP price news, we reported that Ripple failed to stay above the $0.2500 support and extend the decline against the US dollar. The price is now trading below the point of $0.2450 support and the 100 hourly simple moving average. There was a break below the key contracting triangle with support at $0.2415 on the hourly charts of the pair.

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