XRP Will Defy The Altcoin Apocalypse: Ripple Chart Analysis

XRP will defy the odds of the altcoin apocalypse since the price of the altcoin reached its 2019 high near the $0.50 as we can read from the charts in today altcoin news.

XRP is now trading at $0.26 and at least one analyst believes that the altcoin is primed for a major recovery. According to the chief market analyst at ThinkMarkets Naeem Aslam, the cryptocurrency is way oversold and there is some tremendous value at its current level. According to the weekly charts, Aslam noted that the XRP price is below the 200-week moving average while its Relative Strength index as falling below 37. These indicators demonstrate that there have been some bear activities which are running out of steam now.
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The bullish call comes at a time when there is some growing talk of the altcoin apocalypse as it was demonstrated by Bitcoin’s rapidly-climbing market share.

Back in March, the Bitcoin dominance was hovering about 50 percent and in the five month sicne then, it has ballooned to at about 69 percent which was the highest level in more than two-and-a-half years. The level of Bitcoin Dominance has reached the expanse of some other cryptocurrencies and in March, Ripple’s market share was about 10 percent but is now standing at about 4 percent. This is a huge decline from the dominance level over 15 percent in January. The charts show that XRP will defy the odds of the altcoin apocalypse and the charts are screaming ‘’BUY’’ for Ripple as some analyst urge.

Cole Walton who is the head Trader at Kanos Capital Management and the co-founder of Plouton Mining noted that the increasingly competitive crypto landscape as a reason to be careful to tread when considering a XRP investment. As we can read in the latest cryptocurrency news:

“Although many of the technicals like RSI, and position relative to moving averages looks like XRP is severely oversold and could bounce, traders should be cautious because the token has been falling out of favor with many crypto market participants, and there are many competing projects with similar characteristics and arguably a much better value proposition that have come to market.”