The price of the XRP cryptocurrency has seen some intensely bearish price action over the past couple of days and weeks. Now, people are more and more bullish on Ripple’s token and think that XRP could bounce as it nears a massive support area.
Right now, the weakness is clearly elucidated as XRP trades stable, but the token has been underperforming the benchmark cryptocurrency in recent times. So, the XRP news today show that the immerse downtrend has come about as a result of this weakness – and led XRP to a bedrock support level that has been historically significant.
I'm expecting a significant bounce somewhere in green.
I'd argue XRP is probably a not so terrible buy already but given the fact that it hitting the lower boundary of the support outlined is very possible I'm playing defensive for now. pic.twitter.com/L38clQHVPj— DonAlt (@DonAlt) May 10, 2020
In years past, the visits to this level have been met with massive buying pressure that allows the cryptocurrency to post some notable upside movements, even though it still remains unclear as to whether or not the lack of buying pressure will be enough to force it lower.
XRP could bounce above $0.2000 which is a major hurdle right now. Analysts have noted that Ripple’s short term technical outlook is growing brighter by the day. At the time of writing this, XRP is trading down just under 1% against the US Dollar at a current price of $0.196.
As we can all see, this marks a notable decline from the multi-day highs of nearly $0.23 which were set before the capitulary selloff. Still, the coming altcoin news could bring a lot of excitement – and when looking towards Ripple XRP’s weekly chart, we can see that the cryptocurrency is flashing some subtle signs of strength. According to a pseudonymous analyst who spoke about this in a recent tweet, the XRP/USD pair seems “pretty bullish” due to the strong bounce it posted as support during its latest decline.
Not looking at the BTC Pair, the USD Pair smh seems pretty bullish to me
Am I the only one? $XRP pic.twitter.com/sFG85aEtAv
— Smokey 一目均衡表 (@SmokeyHosoda) May 10, 2020
In addition to forming a potential triple bottom, XRP could bounce and is approaching a bedrock macro support level that has been ardently defended throughout multiple years. Now, the coin is venturing into this support region and while the Bitcoin news show a calm before the storm, XRP could bounce and initiate a massive movement in the days and weeks ahead.
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