XRP May Soon See Face Ripping Rally, But Further Losses Could Come First
After a long period of being stuck beneath $0.20, XRP’s bulls are currently in the process of making an attempt to propel the cryptocurrency back into this price region. This slow climb comes concurrently with Bitcoin’s movement up towards its previously established resistance, and a failure for BTC to break through these levels could lead tokens like XRP significantly lower.
XRP is still trading quite a ways above its key support region, and this level may need to be visited before the support it finds here sparks a massive rally that potentially leads it significantly higher.
XRP Attempts to Reclaim $0.20 Region, but a Major Dip May Help Fuel Next Rally
At the time of writing, XRP is trading up just under 2% at its current price of $0.198, which marks a notable climb from its recent lows of $0.18 that were set earlier this week.
XRP’s slight rise today has come about as Bitcoin attempts to post a sustained break above $7,400, which has held as a strong resistance level over the past few days, and a successful break above this level could open the gates for a short-term market-wide rally.
Although XRP is currently trading down slightly against its BTC trading pair, it is important to note that the crypto may be positioned to see some near-term upside, with Bitcoin Jack – a popular cryptocurrency analyst on Twitter – telling his followers that it could surge as high as 0.00003621 BTC, up from its current price of 0.00002643 BTC.
“$XRP bids filled… Patience = key,” he concisely noted while pointing to the chart seen below.
Crypto Michaël, another popular cryptocurrency analyst on Twitter, recently explained that the crypto could be poised for massive upside in the near-term, as it is in the process of forming a similar range break as that seen in 2015, prior to a large rally.
It is important to note that in order for this range break to be bullish, he explains that the crypto may need to dip as low as $0.14 before finding enough support to catalyze this type of rally.
“$XRP #RIPPLE: Broke down of this range for the first time in a year, similar to the period in December 2015. Still expecting that period to be synonym for the current market. Area around $0.14-0.17 is must hold zone,” he explained while pointing to a TradingView post where he further elaborates on this notion.
The coming days and weeks may prove to be critical for determining where XRP trends throughout the first part of 2020, but it is probable that Bitcoin’s price action will hold tremendous influence over whether or not the theories proposed by both Michael and Bitcoin Jack are valid.
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.