XRP bottoming signs showed up with analysts predicting serious upsides with the recent rally across the aggregated crypto market remaining strong. The XRP token associated with Ripple was able to rally further as we are reading more in today’s XRP price news.
The entire market showed some signs of strength recently, with Bitcoin looking as strong as it tries to move past the $18,000 with major altcoins flashing major signs of strength. Where will XRP trend next will depend on whether or now BTC and the rest of the altcoins will be able to maintain their upwards trajectories since more downturns will create shockwaves for the entire market. One analyst now noted that there’s a strong chance that another upside is imminent in the near-term as the cryptocurrency bounced from the previous resistance level, confirming it as support. Because this is a classic sign that an upwards continuation is imminent, XRP will be on the verge of getting into a massive near-term upside. Another trader is going so far as to call it a long-term bottom.
At the time of writing, XRP is trading up over 2% with a current price of $0.30 which marks a notable upswing from the daily lows of $0.28 which were set during the market-wide consolidation seen yesterday. The selling pressure that it faced once it broke the $0.30 level for the first time was significant because this has marked the upper boundary of the strong multi-year trading range. It XRP is able to post a long-term break above this level, it could be a strong base for more growth. The fact that the dip below was bought aggressively is a strong sign showing that XRP can rally higher despite its lack of adoption currently.
XRP bottoming signs could also mean that the asset is on the verge of forming a long-term bottom. He pointed to its recent lows of $0.28 as a long-term bottom noting that now is the time to send it. He said:
“The chart says it all. I see a daily close above and re-test of our key RED region. Bottom is likely in. SEND IT.”
Because XRP doesn’t have a lot going on right now, there’s a chance that where it trends in the near-term will depend on BTC.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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