XRP Flips Key Resistance Into Support: Can Bulls Push Prices Higher? 14

XRP Flips Key Resistance Into Support: Can Bulls Push Prices Higher?

XRP May Soon Explode Against Bitcoin, Analyses Show

Over the past few weeks, all cryptocurrencies — from Bitcoin, Ethereum and XRP to Digibyte, Waves, and Electroneum — have surged higher, gaining dozens of percent apiece as buying pressure has washed over the cryptocurrency market.

Altcoins have interestingly taken the front seat in this recent surge, seemingly denying a trend of Bitcoin-first price action over the past year.

This market price action, per CNN-featured cryptocurrency analyst Luke Martin, has allowed XRP’s pair against Bitcoin (XRP/BTC) to retake a key support level, which it has sustained for five days in a row. This pivot purportedly is “bullish,” meaning Martin is “expecting outperformance.”

It isn’t only Luke Martin that has pointed out the XRP/BTC trading pair is looking primed to break upwards.

Per previous reports from Ethereum World News, Michael Van De Poppe, contributor to CoinTelegraph and a trader at the Amsterdam Stock Exchange, revealed in a TradingView post published Wednesday that he expects for XRP/BTC to soon explode 170% higher.

He noted that the pair is on the verge of breaking out of a downtrend that has constrained prices since the start of 2019, before adding that XRP has held a very important historical support level against Bitcoin, suggesting bullish strength.

Poppe’s chart also pointed out that the recent price action is eerily reminiscent of an XRP/BTC break out in 2018, suggesting that a surge of dozens of percent can be had if history repeats itself.

XRP/USD Performance a Different Story

Although the prospects for XRP/BTC are looking positive per the above analyses, the outlook for the cryptocurrency’s performance against the dollar is looking harrowing.

A trader recently said on Twitter that it is “difficult for me to be bullish on Ripple right now.”

Backing his assertion, he looked to a chart of XRP against the U.S. dollar on a monthly basis. The trader depicted that despite the recent 35% surge off local bottoms, prices not seen in years, the cryptocurrency remains decisively below a key resistance that has been absolutely essential for the asset’s past two to three years of price history.

What’s more, it was actually rejected at the resistance level, suggesting the macro bear trend for XRP remains intact.

It is important to note that even if the cryptocurrency falls against the dollar, it can still rally against the dollar.

Photo by KaLisa Veer on Unsplash
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