XRP Explodes to $0.30, and Analysts Think a Bigger Move is Coming
Over the past few hours, XRP has begun to rocket higher, following in the path trailed by Ethereum — which is up over 100% in the past 60 days on the back of early-cycle buyers.
The price of the third-largest cryptocurrency by market capitalization has started to flirt with $0.30 over the past few hours, trying to stabilize this key resistance. Unfortunately for bulls, XRP has yet to establish a base of support at $0.30, though analysts say a bigger surge is on the horizon.
XRP Could Soon Jump Dozens of Percent Higher, Analysts Predict
Analyst Josh Olszewicz recently released an extensive video analysis on the XRP altcoin. After pointing out that the cryptocurrency has been a strict downtrend for the past few months, he pointed to a potential bull case.
This being that 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.
Notably, this analysis is dependent on a daily or weekly price close above $0.30, for it would add to the narrative the cryptocurrency is undergoing a macro reversal, thus supporting a move higher.
The idea that XRP closing above $0.30 could set the stage for a larger move has been echoed by other analysts.
Per previous reports from Ethereum World News, CJ noted that XRP is “progressing nicely,” pointing to the fact that it is starting to consolidate above the 0.75 level of the current trading range, and poised to push up to the upper bound of the range at $0.315.
Should it break past the range high, he sees the cryptocurrency rallying by 27% to $0.40 and potentially another 12.5% from there to $0.45, for the range high has been a key macro resistance for XRP over the past few months, making a close above this level exceedingly bullish.
Bullish Price Signs Are Flashing
It seems that the cryptocurrency will secure a close above this level in the coming days.
HODL2100K’s IchiEMA indicator just printed a buy signal on last week’s price candle, which brought prices dramatically higher the last few times it was seen. Case in point: the signal was seen two weeks before XRP began its infamous surge at the end of 2017, during which the asset gained over 1,000% in under a month’s time, rallying from $0.20 to a price above $3.00.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.