XRP and the aggregated crypto markets have been closely tracking Bitcoin’s price action as of late, although XRP has been able to find significant support around $0.25, which has been a notable long-term level of support for the cryptocurrency.
Analysts are now generally offering bullish assessments of XRP’s near-term price action, but it is important to note that other analysts are also explaining that any notable drop could spark a bout of capitulation that sends the crypto reeling to fresh multi-year lows.
XRP Finds Significant Support at $0.25 as Analysts Grow Bullish
At the time of writing, XRP is trading down marginally at its current price of $0.25, which is where it has consistently found notable support ever since it plummeted from its early-2018 highs of over $3.00.
XRP’s bearish price action as of late, however, may soon be coming to an end, as multiple major analysts have explained that technical formations could be pointing to the possibility that significantly further gains are right around the corner for the embattled cryptocurrency.
Loma, a popular cryptocurrency analyst on Twitter, added to the plethora of bullish XRP TA in a recent tweet where he explained that now could be a good time to buy into XRP, further noting that any massive downwards movement for XRP would likely signal significant weakness across all major altcoins.
“Honestly, really not a bad place to load up on XRP. I get the argument that it could break this support area (from where it went parabolic) but barring a disaster exclusive to Ripple, I think that would spell doom for many alts not just XRP,” he explained in a recent tweet.
Honestly, really not a bad place to load up on XRP.
I get the argument that it could break this support area (from where it went parabolic) but barring a disaster exclusive to Ripple, I think that would spell doom for many alts not just XRP. pic.twitter.com/0rQd4iKDOs
— Loma (@LomahCrypto) October 6, 2019
Despite this bullish assessment, other analysts are still wary about XRP’s near-term price action, as some analysts are noting that the crypto may dump against BTC in the near-term as the markets continue to express weakness.
Soleil Du Soir, another popular crypto analyst on Twitter, spoke about this in a tweet, concisely noting that “The dump will be brutal.”
https://twitter.com/soleil_dusoir9/status/1180769754270912513
It is probable that Bitcoin’s price action will continue to guide the aggregated crypto markets in the near-term, but XRP’s current region of major support is highly likely to support its price in the near-term.