- XRP: strong price action, weak pattern
- Ethereum: the ‘delayed’ follower
Legendary market technician John Bollinger has tempered expectations for XRP in his latest social media post.
The prominent technical analyst has urged technical caution on the popular altcoin despite its recent price surge.
He has concluded that the market hierarchy remains “BTC > ETH > XRP for now”.
XRP: strong price action, weak pattern
XRP has managed to soar by rougly 32% since Jan. 1. The Ripple-affiliated token has outstripped other major cryptocurrencies so far. The move was violent enough to bypass typical resistance checks. “$XRP bulls blasted through the immediate resistance 5% higher and pushed all the way to range high,” pseudonymous analyst “Dom” noted in a recent social media post.
Bollinger has acknowledged the asset’s recent “strong lift,” but he argued that the underlying technical formation is inferior to its peers.
“Ripple, strong lift, but the pattern is weaker,” Bollinger stated.
The quality of its “base” and volatility compression (the “squeeze”) appears less robust than the textbook setup currently driving Bitcoin toward $100,000.
The XRP chart shows a much “noisier” volatility profile. The BandWidth indicator did not compress to the same historical extremes before the recent price jump.
The “strong lift” pushed the price above the upper band, but the lack of a firm support base below it makes the rally more vulnerable.
Ethereum: the ‘delayed’ follower
When asked about the outlook for Ethereum (ETH), Bollinger noted that the second-largest cryptocurrency is mirroring Bitcoin’s “squeeze and breakout” structure. However, lacks independent momentum.
“Same pattern, a bit delayed, following not leading,” Bollinger wrote.
Source: https://u.today/legendary-trader-bollinger-issues-bearish-xrp-warning
