Like Bitcoin (BTC), altcoins haven’t fared too well over the past few days. In fact, sitting hitting $0.25 for the first time in months late last week, XRP, the third-largest cryptocurrency by market capitalization alone, has plunged by over 10%.
Just look to the chart below, which accentuates the altcoin’s harrowing price performance over the past few days as bulls have failed to keep an uptrend formed for more than two weeks.
Despite this 12% drop that has since recovered to a relatively mere 8% drop, analysts remain optimistic that the controversial altcoin is ready to explode higher, at least against the U.S. dollar anyway.
XRP Price Preparing to Break Out
Michael Van De Poppe, a CoinTelegraph contributor and full-time trader at the Amsterdam Stock Exchange, recently noted that some of the top cryptocurrencies remain in a bullish chart formation despite the recent drop.
He specifically looked to Bitcoin, XRP, and Ontology (ONT), all of which have suffered over the past three days.
As to what exactly in their charts is bullish, he notes that the three aforementioned all held key support levels that have been of historical relevance and posted a strong bounce after the fact. With that in mind, he noted XRP could begin to make a push towards the $0.243 price point from the $0.23 where it trades as of the time of writing this article.
$8,600 is being defended strong here + the last high marked a strong bounce.
Similar thoughts on $XRP and $ONT, which all retraced and bounced from previous highs for S/R flips.
Makes me think we'll hit $8,850-8,900 for some tests. pic.twitter.com/aZmQF0iPwv
— Michaël van de Poppe (@CryptoMichNL) January 20, 2020
Not to mention, per previous reports from Ethereum World News, trader CJ noted XRP’s chart is eerily reminiscent to that of altcoins Bitcoin Cash and Bitcoin Satoshi’s Vision prior to their latest breakouts.
More specifically, he pointed out that like the Bitcoin forks prior to their rallies, the price of XRP is consolidating under a range equilibrium price point. Should XRP break above and hold the range equilibrium around $0.25 just as the altcoins did, it could also rally by over 25% in a short period of time, the analysis suggests.
On the fundamental side of things, Ripple has continued to push ahead with partnerships that should increase the adoption of the cryptocurrency with time. For instance, the firm just partnered with Siam Commercial Bank (SCB), one of Thailand’s oldest banks at over 100 years old, to “change the lives of their over 16 million customers.”
This partnership will see the two entities create SCB Easy, a “mobile application that runs on Ripple to deliver instant, low-cost cross-border payments.”
Although SCB Easy may not be focused on XRP, other Ripple initiatives the bank chooses to participate in could push the cryptocurrency.
Photo by Ihor Malytskyi on Unsplash