• The Informer Post
  • Posts
  • XRP Bucks Crypto Market, Strategist Says Bitcoin (BTC) Must Hold This Line to Avoid Major Breakdown

XRP Bucks Crypto Market, Strategist Says Bitcoin (BTC) Must Hold This Line to Avoid Major Breakdown

February 04, 2020

XRP is one of the few crypto assets seeing green as Bitcoin and the crypto markets shift into negative territory.

At time of publishing, the third-largest cryptocurrency by market cap is up 6.57% at $0.2659.

Meanwhile, Bitcoin is down 1.24% at $9,176, Ethereum is down 0.84% at $187.87 and Bitcoin Cash is down 0.87% at $379.11, according to the data tracker COIN360. Here’s a bird’s-eye view of the market.

Despite today’s rally, crypto strategist DonAlt tells his 127,000 followers on Twitter that XRP remains in a bear trend until it can break above $0.30.

“Going according to plan, I TPd early to avoid the $0.25-$0.30 resistance area which is where pretty much all of the risk is. As I stated early in the thread, $0.30 is the number to beat, until that happens all of this is a bear market retracement.”

As for BTC, it hit resistance at $9,551 on January 30th, leaving crypto traders wondering just how large the current correction will be.

A trader known in the industry as TraderXO tells 31,500 followers on Twitter that BTC will remain bullish if it can post a higher low in the coming days. The trader says BTC needs to stay above $7,600 to $8,200 to avoid a major breakdown.

“BTC – Higher Low and I’m Bullish.

If the local top is in and BTC prints a higher low between 7.6k – 8.2k – then my bias would be bullish.

Breaking below 7.6k’s more so the yearly open then quite likely BTC drops further lower, continuing its bearish market structure towards 5.8 – 6k.”

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 losses 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/diuno