Today has been a great day for XRP bulls, as the embattled cryptocurrency has been able to outpace Bitcoin as it races up towards a key multi-year resistance level. This upwards momentum has come about as the aggregated crypto market continues to incur significant strength.
Analysts are now noting that XRP could be on the verge of seeing significantly further gains, and if the crypto breaks above a few key trendlines, its ongoing upswing could turn parabolic.
XRP Rallies Over 10% as Analysts Eye Further Upside
At the time of writing, XRP is trading up 11.5% at its current price of $0.235, which marks a notable surge from its daily lows of $0.21 and an even more significant climb from its weekly lows of $0.20.
XRP’s ongoing rally is occurring against the backdrop of significant bullishness throughout the markets, with Bitcoin rallying towards $9,000 while many other major altcoins post massive gains.
Currently, the cryptocurrency is in the process of breaking above a 6-month resistance level that has been firmly guiding its price lower, and analysts are now noting that the break above this level could easily lead it to surge towards $0.33 in the near-term.
Harry, a popular cryptocurrency analyst on Twitter who focuses primarily on XRP, explained in a tweet from a few days ago that he believes a break of this trendline could lead to a series of major breakouts.
“$XRP – Were going to end the week testing 6 month bearish technical resistance, will not be surprised to see XRP pushing hard on 33c next week possibly the week after. I’m really bullish on breakouts at this level,” he explained.
$XRP – Were going to end the week testing 6 month bearish technical resistance, will not be surprised to see XRP pushing hard on 33c next week possibly the week after. I'm really bullish on breakouts at this level x pic.twitter.com/Zv3ObsU58C
— Harry (@HaraldoXRP) January 11, 2020
Could the Next Major Rally Spark a Parabolic Trend?
Throughout XRP’s relatively short history, the cryptocurrency has had a tendency to move in parabolic cycles, rather than incurring steady growth.
Harry is not the only analyst who believes the crypto could soon see a massive rally to over $0.30, as Crypto Rand recently noted that he believes it could be starting a journey that leads it to surge over 30%.
“$XRP starting the journey,” he said while pointing to the chart seen below.
$XRP starting the journey pic.twitter.com/o5rZgIpn6z
— Crypto Rand (@crypto_rand) January 14, 2020
Because historical precedence seems suggests that the majority of XRP’s notable rallies do result in parabolic movements, it is possible that this potential surge to over $0.30 will spark a massive amount of buying pressure that allows the crypto to begin a vertical ascent.
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Throughout the first half of 2019, XRP’s price was stagnant within the mid-$0. 20 region, and it failed to incur any momentum that matched that incurred by other major altcoins that posted meteoric gains throughout the first several months of 2019.
After facing months of lackluster price action, XRP’s bulls have finally awoken and are now propelling the cryptocurrency’s price towards a key region of resistance and it may incur significantly further gains before it slows down anytime soon.
Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.
Ripple’s lackluster price action over the past several months has left many XRP investors with a feeling of disappointment as it remains stagnant while Bitcoin and other large cryptocurrencies incur large gains that have put a significant amount of distance between their current prices and their recent lows.
Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.
Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.
Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.
Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.
Nothing in this article is to be construed as investment advice. Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information.
Bitcoin slipped beneath the $86,000 mark on Monday, extending a short-term pullback that has erased late-November gains across major digital assets. XRP retreated more than 4% in the same period, as profit-taking and shifting institutional flows weighed on sentiment.
XRP price remained in a bear market and moved below the important support at $2, even as Ripple Labs made a major announcement on the RLUSD stablecoin.
The firm has started testing RLUSD on leading Ethereum L2 platforms. The launch reflects the growing demand for regulated stablecoins. RLUSD will go live on L2s after authorization by New York regulators.
Crypto pundit Crypto Wimar has explained why the Bitcoin, Ethereum, and XRP prices crashed, highlighting the continuous selling pressure. The crypto market is also at risk of further downward pressure due to macro factors such as the impending Japan rate hike.
Key takeaways XRP is down 1% in the last 24 hours and is trading at $1. 99. Failure to defend the $1. 96 support could see XRP dip lower. XRP drops below $2 The cryptocurrency market has underperformed over the past few days, with Bitcoin and other major coins currently in the red.
The XRP price remained in a deep bear market after falling sharply from the year-to-date high of $3. 6500 to the current $2. 0. This crash has pushed its market cap to $120 billion from the year-to-date high of nearly $200 billion.
Solana and XRP lead the DeFi social activity rankings with millions of interactions as community engagement will become a key to the success of projects.
