Katie Stockton, the founder and managing partner of Fairlead Strategies, which is followed by investors with her analysis of Bitcoin and cryptocurrencies, evaluated the price movements of XRP.
According to the news of Coindesk, Katie Stockton, who said that the rally after XRP's victory against the SEC also brought an increase for BTC, stated that XRP moved above the technical analysis indicator called “Ichimoku cloud” on the weekly chart and confirmed the upward trend.
Stating that Bitcoin could not rise above the “Ichimoku cloud” indicator, the analyst said, “Although BTC has not yet achieved this success, we see the rise of XRP above the Ichimoku cloud indicator as a good example for Bitcoin.”
“XRP's movement looks meaningful on the chart because the year-long pressure is breaking and the XRP chart shows a clear move to higher highs.
Medium-term momentum is positive and (surprisingly) no signs of bullish exhaustion.
This supports the upside rally. Accordingly, the next resistance against which XRP will be mixed will be $0.92.”
Stating that Bitcoin is also struggling with the top resistance of the Ichimoku cloud indicator, Stockton stated that a similar bullish outlook in XRP is also valid for BTC, and the next resistance level for BTC is $ 31,900.
*Not investment advice.