XRP incurred significant upwards momentum earlier this week that allowed it to post a notable gain from its recent lows of $0.24, although the crypto is currently in the process of retracing slightly, which has put it at risk of cutting deeper into its recent gains.
Despite this, prominent analysts are noting that it may still incur significantly further upside in the near future, with one analyst setting a near-term target at roughly 30% higher than its current price.
XRP Rally Falters, But Further Gains May Be Imminent
At the time of writing, XRP is trading down just over 3% at its current price of $0.273, which marks a slight retrace from its recent highs of nearly $0.29 that were set yesterday.
While looking at XRP’s weekly price action, it grows clear as to just how bullish its recent price action has been, as it has recovered from its recent lows of $0.24, but has found resistance around $0.29, which could mean that a bout of consolidation is imminent.
Today’s drop comes as Bitcoin and other altcoins find relative stability after surging yesterday, which could point to underlying weakness amongst XRP’s bulls, although its reaction to its current influx of selling pressure over the coming hours and days will likely elucidate whether or not it has any long-term significance.
Big Cheds, a popular crypto analyst on Twitter, spoke about the crypto’s price action in a recent tweet, explaining that it is currently retesting a key up-trend support level.
“$XRP #Ripple 12 hour – Back testing key up trend support,” he noted while pointing to the below tweet.
$XRP #Ripple 12 hour – Back testing key up trend support https://t.co/NpJxWrbHeL#TheStandard pic.twitter.com/xCe3wu1YLC
— Cheds (@BigCheds) October 10, 2019
Galaxy, another popular cryptocurrency analyst, recently explained that he believes XRP is just taking a “break” before it begins surging higher, marking a near-term upside target that is 30% higher than its current price against BTC, and a long-term target that is 63% higher than its current price.
“$XRP taking a small break and retesting the breakout level. Bullish as long as 3000 holds and will increase position after a daily close above support,” he noted
$XRP taking a small break and retesting the breakout level.
Bullish as long as 3000 holds and will increase position after a daily close above support. pic.twitter.com/xeex5E9FB1
— Galaxy (@galaxyBTC) October 10, 2019
The coming few days will likely either validate or invalidate Galaxy’s targets, as a break below the key support level XRP is currently testing could spark the next notable downtrend.