Trader Flips Bullish on XRP and One Additional Altcoin, Says Economic Data This Week To Spark Crypto Market Shift
A popular crypto trader says XRP and one other mid-cap altcoin have the most bullish-looking price action on the market right now.
Pseudonymous trader Kaleo tells his 535,000 Twitter followers that currently, XRP and smart contract platform Tron (TRX) have the most promising charts.
“It’s 2022 and TRX and XRP are two of the best-looking charts in crypto.”
Looking at Tron versus Bitcoin (TRX/BTC), Kaleo says that the pair looks ready for another breakout after successfully breaching a diagonal resistance line.
“TRX / BTC relative strength right now is insane.
Expecting at least one significant leg higher out of this pennant.”
At time of writing, TRX is trading at $0.06, 72% from its all-time high, while XRP is changing hands at $0.52, up 16% on the week.
Looking at Bitcoin, Kaleo says that the flagship cryptocurrency looks poised for more ranging, possibly with a dip to $19,000 before a bounce back to $20,000.
“BTC with a lackluster Monday open makes [this scenario] look quite a bit better this morning”
The closely followed analyst says that markets could remain uneventful for the first half of this week, before seeing a significant shift in volatility come Thursday, when consumer price index (CPI) data is released. CPI is expected to come in at 8.1%, but a reading substantially higher or lower than forecasted has historically had the potential to move markets.
“CPI releases this Thursday. While that doesn’t guarantee a lack of volatility in the interim (FOMC minutes release this Wednesday, who knows what other unforeseen chaos might ensue) – it has signaled a fairly reliable pivot each month for market momentum this past year.”
Kaleo points out that the November 2021 CPI reading was a 30-year record high, which also coincided with Bitcoin’s all-time high and the beginning of a nearly year-long down trend.
At time of writing, BTC is changing hands for $19,303, trading mostly flat for nearly a month.
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