After facing some downwards pressure yesterday evening, the aggregated crypto market was able to extend its upwards momentum today, with Ethereum setting fresh monthly highs while Bitcoin reclaimed its position within the lower-$10,000 region.
XRP has also been able to climb slightly from its recent lows of $0.28, and analysts are now noting that it may be gearing up for significantly further gains in the near-term.
XRP Recovers from Daily Lows as Further Gains May Be Imminent
At the time of writing, XRP is trading down nearly 4% at its current price of $0.302, which marks a notable recovery from its 24-hour lows of $0.28 that were set when the entire crypto markets faced a sharp selloff that sent Bitcoin to lows of $9,500.
It is important to note that XRP is up significantly from its recent lows of under $0.24, and it has incurred notable upwards momentum over the past several days that may extend further in the near-term.
Loma, a popular crypto analyst on Twitter, spoke about this in a recent tweet, explaining that it is currently testing support, and an ability to hold above its near-term support level could lead to significantly further gains.
“$XRP: Perfect test of support so far, I’m interested in how we close this daily candle though. Lots of time left. So far, so good. I added onto my position from 2900-2950. Sitting comfy in profit right now,” he said while pointing to the below chart.
Perfect test of support so far, I'm interested in how we close this daily candle though. Lots of time left.
So far, so good. I added onto my position from 2900-2950. Sitting comfy in profit right now. pic.twitter.com/fMyJfp54Je
— Loma (@LomahCrypto) September 19, 2019
Importantly, its latest recovery from its recent lows was not entirely unprecedented, and other analysts have noted that XRP broke through its on-balance volume downtrend yesterday evening, which may signal an underlying bullishness if it is able to maintain its momentum.
“$XRP showing some promise. Broke the OBV downtrend on the 4HR and flipped into a bullish trend on 4H. Hit its head on the 1D Resistance cloud. Would like to see it come back and retest 2800ish. I’m not overall ‘bullish’ until it is on at least 1D,” Josh McGruff, a popular cryptocurrency analyst on Twitter, explained in a recent tweet.
$XRP showing some promise. Broke the OBV downtrend on the 4HR and flipped into a bullish trend on 4H. Hit its head on the 1D Resistance cloud. Would like to see it come back and retest 2800ish. I'm not overall "bullish" until it is on at least 1D. pic.twitter.com/8pGfh3xBz4
— Josh McGruff (@JoshMcGruff) September 19, 2019
The coming hours and days may prove to be quite illuminating when it comes to XRP, as any stagnation around its current price levels could signal that its bulls are losing strength and that another retrace is imminent.