XRP has finally started to break higher after consolidating around $0.25 for a day or two, rallying over 7% to $0.27 just minutes ago as of the time of writing this. This is the highest price the cryptocurrency has traded at in literal months.
XRP’s breakout notably comes as Bitcoin, Ethereum, and other leading cryptocurrencies have stagnated.
While this price point has yet to be sustained for days, this surge may be a precursor to an even larger move higher, some analysts have said.
XRP Price Could Soon Move Even Higher
Near the end of January, Ethereum World News covered analysis from crypto trader CJ, who noted in a number of charts that XRP’s recent price action 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.
$XRP – Break the EQ and 🚀 pic.twitter.com/83GUxNJf0n
— CJ (@IrnCrypt) January 19, 2020
Should XRP break above the range equilibrium just as the altcoins did, it could also rally by over 25% to $0.3150 in a short period of time, the analysis suggests.
The range equilibrium per CJ’s analysis, $0.2447.
Not to mention, BitMEX is about to launch its Ripple USD quanto swap, as the exchange has described this new product.
Cryptocurrency analyst Sean Nance, who creates indicators, noted that with “XRP still being around its lows,” it makes sense for the third-largest cryptocurrency to “pump when BitMEX lists the perpetual contract than dump.” Along with this message, he posted a chart that shows the performance of the cryptocurrency against the U.S. dollar rallying towards $0.45 — around 80% above current prices — by May to only crash afterward and trend lower and lower.
Also, trader Bagsy has noted that the timing of this launch is eerie, especially considering that XRP is in the midst of trying to break out of a multi-year downtrend. These two events taking place at a similar time could lead to major market volatility in the following days.
Photo by Nader Arman on Unsplash