The XRP bulls reclaim a key level as the aggregated altcoin market is caught up within the consolidation phase while Bitcoin tries to gain decisive momentum as we are reading more in the Ripple price news.
It seems that the tokens on the market are awaiting more directionality from bitcoin before they move upwards again. This has caused smaller altcoins to fall into the sideways trading momentum as well. It does remain unclear as to where the market trend could go next so the XRP recent technical development shows that any market-wide upside could allow it to enter a major moon mission.
One analyst said that the XRP bulls reclaim key level which could mean that the cryptocurrency will be able to reclaim the other crucial technical levels where it has previously broken below. The ability to reclaim the level and confirm it as a support doesn’t show that the upside could be imminent in the near term. Whether or not it goes higher, still remains premised mainly on the rest of the crypto market and the possibility that can show continued signs of strength. This could depend on Bitcoin’s reaction to the $11,000 resistance.
At the time of writing, XRP was trading down over 2% at a current price of $0.25 which is around the price at which it has been trading over the past few days. it’s also important to note that this marks a notable increase from the previous lows of $0.23 set a few days ago when the aggregated market faced a selloff. The sell-off caused Bitcoin and the rest of the market to post some losses but digital assets have since recovered.
XRP is ceding some of the gains that were seen in the time following the movement but they were unable to hold above $0.25. while speaking about the technical outlooks for Ripple’s XRP, one analyst said that will remain well-poised to see further upside despite the weaknesses. He pointed out to the BTC trading pair and noted that it was able to reclaim the key level:
“XRP on both pairs looks good but using this LTF chart for reference. Clear deviation and reclaim taking place. Make way for Moon No target because I’m building a position for Swell and will re-evaluate as we get closer. Market conditions much different.”
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