Forget Bitcoin. Savvy traders watch XRP against… oil? Market guru @traderview2 is turning heads with his charts for the value of XRP, not in dollars but in barrels of West Texas Intermediate crude. Is it crazy or is it the sneak peek into energy-fueled crypto’s future?
The Link Between XRP And USOIL
The saxophone of resistance and XRP keep playing. A recent TradingView snapshot (14th of May) shows a discouraging setup: The pair of XRP/USOIL seems to be banging its head one time too many against a stubborn ceiling. This price action, occurring since the middle of December, has witnessed two occasions when the pair has come close to breaking through the same resistance shelf. Going over the implications of this, the analyst observed: “Last night, the five-month range high once again proved impenetrable.” He also showed the importance of this level: “The market respects this zone. Bulls, take note; a decisive breach here is the key to unlocking the next upward surge.”
Since last December, price action has been an absolute terrorist of resistance. Six times it has been thrown down at exactly the same spot. Remember Dom’s words from May 13? “Could you ask for a cleaner range?” Textbook indeed. This is more than a chart; it’s a pressure cooker. Crack that resistance, and new all-time highs become quite a real possibility for XRP. Remember BTC and USOIL hitting their ATHs just weeks ago? What came next? Explosive-Air! XRP is bunching up-build-up energy. Patience will serve not as virtue, but rather as the key. This breakout needs fuel, so sit on it when it gets there.
The ceiling above Dom’s trade screen is an ominous charcoal grey danger zone spanning from 0.0418 to 0.0430. Recently, twice, the market tested its assertion of dominance-firstly in the Asian session of May 12th and later under the New York spotlight on May 14th. Every such probing was met with sharp resistance, exhibited through these sudden tall downward wicks a loud warning sign that the ceiling remains untarnished.
In defiance of gravity, the coin went up 20% with heavy sell pressure of $210 million worth in the last week alone. An on-chain analyst, Dom, points to the so-called “professional liquidity providers” as these hidden actors. These market giants seem to be patiently absorbing the sell-off, placing offers with fine precision to pick up the XRP from the sellers. This dynamic, Dom adds, usually signals that a breakout is imminent. After all, once sellers run out of their big steam, expect the real explosion from XRP.
The XRP community buzzed. “Breakout confirmed?” the chatter echoed. The Standard (@Xrpdemon589) cut to the chase: “Parabolic move incoming? New all-time high on the horizon?” Dom’s reply fired up the hope: “Full breakout? History would be counting down to new XRP/USD highs.”
A very vocal crypto voice, Moon Lambo (@MoonLamboio), questioned the rationale behind tying the value of a standalone token to that energy-based ratio. Was there any real connection? Dom admitted, “Well, the theory doesn’t exist,” but he still gave its analytical points some consideration. “Think of it as a different lens. By linking crypto to something fundamental in the economy, price movements show up that you’d never see by watching the USD pair alone. It’s not about a direct relationship, but it is about finding hidden patterns.”
This chart reads binary: breakout or breakdown. Dom with his hawk eyes sees alarms for breach above 0.0418-0.0430. A two-hour-and-above siege here, bulls get green lighting for the next rally. But if the amber pivot at 0.0394 is fumbled, bears claw their way back for support at 0.0378. Lose that one, and the floor at 0.0357 will fall away, taking with it any bullish profits.
XRP versus USOIL: a five-month standoff within tight borders. Yet, peering into this unusual pairing, Dom argues, unlocks a wider perspective for traders. Forget conventional analysis; he sees BTC, USOIL, and XRP as interwoven threads in a liquidity tapestry. The advantage? Spotting familiar market patterns from an unexpected vantage point.
At press time, XRP traded at $2.46.
Featured image created with DALL.E, chart from TradingView.com
Thanks for reading Surprising Link Between XRP And Crude Oil Revealed By Analyst
