XRP could double in the few upcoming weeks as it was been following Bitcoin and retracing. The asset is trading up by 1% in the past 24hours at $0.285 level so let’s read more in the Ripple XRP news.
While the asset remains below the $0.39 psychological and technical resistance, one analyst says that XRP remains bullish noting that XPR could double in the weeks ahead which means it could hit $0.50. XRP is holding around the pivotal horizontal level after hitting a local high last week. The cryptocurrency remained poised to rally to $0.475 in the few weeks ahead as the analyst said. The analyst who is the head of technical analysis at Blockfyre, wrote:
“$XRP Still consolidating around this ever so important S/R that dates back 3 years. Ultimately expecting this to move up over the next few months at it’s own pace. Eyes on .475 in the coming weeks.”
He believes that in the long run, the macro price pattern will play out and XRP will eventually move to the $1.00. As it was reported previously in the ripple news, he wrote in another analysis:
“You despise money if you don’t own XRP. Maximum point of financial opportunity is right at these levels. Reclaimed the area where the 17′ bull run had kicked off after a deviation below a year long support range. A massive bull flag. Think Mid term (2-3 months) .93c.”
XRP could rally higher if Bitcoin flatlines but it probably won’t double. For the altcoin to double, bitcoin has to rally as well. Fortunately for the XRP supports, analysts believe that BTC will remain in a good spot on the medium-term time frame. A few commentators have noted that the ongoing consolidation of Bitcoin looks similar to the one the leading cryptocurrency took at the start of 2019. Both periods have a similar price action which suggests that history could go again with Bitcoin and move higher once the market relaxes.
In our recent XRP price news, we saw that Analysts are now noting widely that the cryptocurrency will be well-positioned to see further weakness into the near-term if it stays below the crucial support level that the bulls were defending. The break below this level overnight seems to be a huge sign for the near-term outlook suggesting that the buyers could be losing their strength.
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