XRP Gaining Ground to the Bullish Side As Ethereum (ETH) and Solana (SOL) Print Reasonable Lows: Crypto Analyst
Popular crypto analyst and trader Jason Pizzino thinks XRP is displaying one promising trend for long-term holders.
In a new video, Pizzino tells his 263,000 YouTube subscribers that XRP has been hitting higher lows for nearly a year despite the bad news the crypto asset has faced.
The U.S. Securities and Exchange Commission sued Ripple Labs in December 2020, claiming that the payments network sold XRP as an unregistered security.
Pizzino does note, however, that XRP has also been enduring lower highs.
“The trend is still very uncertain, but [XRP] is trying to gain some short-term ground to the bullish side.”
XRP is trading at $0.77 at time of writing. The sixth-ranked crypto asset by market cap is up more than 10% in the past week.
Pizzino also predicts that Ethereum (ETH) is setting up for a “reasonable short-term low.” The analyst notes that the $3,180 level will be a “critical” price point for Ethereum to recover in the short term before it can march upwards again.
ETH is trading at $3,050.67 at time of writing and is up nearly 2% in the past seven days.
Pizzino also says that Ethereum-challenger Solana (SOL) is holding up after coming down from its recent relief rally.
“The good news at the moment is that [SOL] is holding up for the last few days, and it’s at a higher low, and it’s holding above the downtrend. That’s exactly what we’re expecting, because eventually the downtrend has to flip, and it has to get some sort of energy back in the market because it’s just been depressed so heavily from those November highs.”
Solana’s native token, SOL, is trading at $101.96 at time of writing. The seventh-ranked crypto asset by market cap is up 2.5% in the past week.
Pizzino adds that SOL really needs to reclaim $110 “sooner rather than later.”
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