Over the past few days, crypto assets have seen a precipitous collapse, falling by over 10% from last week’s highs. Just the other day, Bitcoin was changing hands for $8,200, just over 10% below the $9,200 high put in last week that ended a 43% rally from December’s lows.
While prices have since recovered slightly, with the digital asset market gaining 3% in the past 24 hours, analysts have noted that cryptocurrencies across the board are nearing very important price levels.
In fact, one prominent trader, who called Bitcoin’s surge to the $8,000s when prices were in the high-$6,000s, argued in a recent tweet that if XRP holds the current price level, a surge towards $0.30 could be had in the coming weeks.
XRP Must Hold Current Price Levels
Credible Crypto, a prominent XRP proponent and market commentator, recently noted that after having followed his short-term price prediction to a T, XRP will need to hold the $0.2142 to $0.2150 region. He noted that should the cryptocurrency not hold that level, it would not fulfill a forecast he has for the cryptocurrency to surge towards $0.26 by early-February.
Ooohweee let's go baby. Panned out beautifully. This level needs to hold on the DAILY TF, a wick to retest the blue TL below is not out of the question but I would like to see the bullas buy it up. $XRP pic.twitter.com/vvVXiq1XHd
— Credible Crypto (@CredibleCrypto) January 24, 2020
It isn’t only Credible who is expecting the price of XRP to push up to $0.30.
Popular market commentator Galaxy, as noted in a recent report from this outlet, said that XRP is “looking ready” to rally 20% or so higher towards $0.28, drawing attention to the existence of a clear uptrend and the fact that the asset has flipped a number of key resistances into supports, boding well for the bullish case.
Also, another trader pointed out that XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.
https://twitter.com/IamCryptoWolf/status/1218552089871253505
With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally to $0.30 is on the horizon.
Flipping This Level Could Lead to Macro Reversal
Per Brave New Coin’s Josh Olszewicz, if XRP manages to break above $0.30, which is where the exists historical resistance according to Volume Profiles and a downtrend trend line, the cryptocurrency could rally 66% to $0.50 in the months following this event.
Photo by CMDR Shane on Unsplash