XRP’s Price Could Soon Start Rallying Past $0.30, Analysts Say
XRP Could Jump Dozens of Percent if it Clears $0.281
According to NekoZ, traders of XRP should have their eyes on the charts right now, for the price of the cryptocurrency is approaching a very key range.
The well-known trader and crypto entrepreneur wrote in a recent analysis that he is “watching XRP here” as a “convincing print [above $0.28133] here on the daily would create a baseline for those 3 targets,” pointing to a chart in which he depicted the asset rallying to $0.295, $0.313, and $0.332.
He added that as the cryptocurrency has been a “poorer performer than other majors” over the past few weeks, he could see XRP rallying quite hard, thus catching up with other digital assets.
The importance of the $0.28 level has been echoed by another prominent market commentator, TraderSmokey.
Though, while Neko still seems to be cautious about whether or not XRP is cleared to rip higher due to the $0.28 resistance, Smokey seems to be convinced of the bull case.
Others Are Even More Bullish on XRP
He recently noted that XRP just closed a weekly candle above the key $0.28 resistance level, which is “huge” in his opinion. The reason: $0.28 has been a key price point for the cryptocurrency over the past few years, acting as macro support and resistance on a number of occasions.
The fact that it flipped $0.28 into a support on a weekly (long-term) basis means that XRP’s trend is turning positive once again.
XRP has broken above the Kumo band of the Ichimoku Cloud indicator, suggesting a bullish trend.
The 200-day exponential moving average has been passed by the price of the asset. The 200-day EMA is often seen as a key reversal point for many assets.
The cryptocurrency is looking poised to invalidate a 700-day bearish pitchfork formation in the near future, meaning that there will be much less resistance and that the multi-year downtrend will have been broken.
The partnership sees Intermex begin to use Ripple’s flagship product, On-Demand Liquidity (ODL) for remittances.
This is notable in the context of the asset as the product uses the cryptocurrency as a sort of base layer or currency for the transaction, which helps to offer “faster, transparent cross-border remittance services between the United States and Mexico.”
Featured Image from Unsplash
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.