XRP moving with Bitcoin and Ethereum in tandem could spark a massive rally, looking at the multi-year level which shows us that the rally could happen. Ripple’s XRP correlation exposed it to the downside the previous week before throwing it into a phase of consolidation as we are reading more in today’s XRP price news.
The price is now hovering around $0.29 which is around the same level that it was trading over the past few weeks. This doesn’t mark the climb from the recent lows of $0.27 which was set earlier this week but the cryptocurrency is struggling to garner clear momentum in the near term. One analyst even noted that XRP moving on the cusp of confirming the key historical resistance level as a support. It even flipped into support, he believes that the cryptocurrency could see a parabolic surge that will send the price rocketing up to the $0.475 in the near-term.
At the time of writing, XRP is trading up over 1% with a current price of $0.28. This is around where the price was trading over the past week as both of the buyers and sellers reached an impasse. The lack of momentum is rooted in the lackluster price action which was seen by BTC and ETH that have been consolidating over the past week. It’s also important to note that XRP Remains correlated to the assets so whether or not it can push higher depends on the trend in the near-term.
While Bitcoin sees the slow ascent to $12,000 resistance and ethereum was able to garner the massive influx of buying pressure that sent the coin surging past $400. If it manages to stabilize this level, it could create a tailwind that will lift Bitcoin and XRP higher in the upcoming days. one analyst even explained that he is watching that XRP could see a rally to $0.475 in the near-term, saying that the movement will come about as a result of the strong flip of $0.28 into support. If established as strong support in the extended period, it could act as a springboard to send the coin flying higher:
“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.”
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. pic.twitter.com/kc5CUu6A8H
— 🔥Pentoshi (@Pentosh1) August 23, 2020
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