A popular crypto trader says XRP may be gearing up to outperform Bitcoin (BTC).

The analyst, who goes by the name King Thies, says he’s spotted a bullish divergence in the monthly chart of XRP/BTC.

A bullish divergence is an indicator of a potential trend reversal. It occurs when an asset hits a lower low while a technical indicator, such as the RSI or MACD, forms a higher low.

According to Thies, the divergence along with strong volume bodes well for XRP, and suggests a new rally may ripple through the altcoin markets at large.

“I’m sure there’s plenty others in the alt market in similar spots right now, but this slight Bull Div on the XRP/BTC monthly is impressive to say the least. Something is brewing in the alt markets.”

Source: King Thies/Twitter

The trader says a clear trend line breakout is underway, with XRP turning resistance into support.

He expects the third-largest cryptocurrency to consolidate above the $0.26 level before another move to the upside.

“Clear reversal for XRP, complete with strong volume and breakout + backtest. Both HOLDLers and traders alike will likely be happy with an entry in this current range of .26-.32c.”

Although he believes XRP may outperform Bitcoin in the weeks ahead, Thies is also bullish on BTC. The trader believes that Bitcoin has bottomed out at $9,600 and it is gearing up for a move to $11,000.

Check Latest News Headlines

READ  Bitcoin Bulls Tom Lee and Brian Kelly Believe the Market has Enough Reason to Go Up
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Brilliant Eye





READ SOURCE

WHAT YOUR THOUGHTS

Please enter your comment!
Please enter your name here