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.
[adinserter block="1"]“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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