After a brutal -50% performance in 2019, XRP has bounced back to start off the new year. Since the $0.17 bottom established in December 2019, the price of the third-largest cryptocurrency has rallied by 75% to $0.30, outpacing Bitcoin’s relatively mild 60% move higher.
With XRP recently passing by the key technical and psychological resistance at $0.30, analysts say that the cryptocurrency could soon embark on a “moonshot” move that will bring prices dramatically higher than where they are now.
XRP Could Soon Explode Higher, Analysts Say
Prominent cryptocurrency analyst Crypto Rand — an industry personality that sports over 200,000 followers on Twitter — noted that if XRP breaks the current price range it is trading in ($0.30 to $0.31) or so, the prices will “moonshot.”
Specifically, his chart suggested that if the price of the leading cryptocurrency makes a few daily closes above $0.31, it will be set for at least a 50% surge towards the resistance in the $0.47.
As to why a move past $0.31 will incur such an explosive “moonshot,” Rand looked to the fact that this specific price has constrained bulls on multiple occasions, acting as key resistance on at least three occasions.
This assertion that a decisive break into the low-$0.30s will cause an even greater breakout has been echoed by Josh Olszewicz, an analyst at cryptocurrency data provider Brave New Coin.
Per previous reports from NewsBTC, in a recent video analysis of XRP for the outlet he works for, Olszewicz said that the asset has a potential bull case: if XRP manages to break above $0.30, which is where the exists historical resistance according to Volume Profiles and a downtrend trend line, the cryptocurrency could rally 66% to $0.50 in the months following this event.
There’s also a trader going by CJ, who recently opined that XRP is “progressing nicely,” pointing to the fact that it is starting to consolidate above the 0.75 level of the current trading range, and poised to push up to the upper bound of the range at $0.315.
Should it break past the range high, he sees the cryptocurrency rallying by 25% to $0.40 and potentially another 12.5% from there to $0.45, for the range high has been a key macro resistance for XRP over the past few months, making a close above this level exceedingly bullish.
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Analysts Expect “Moonshot” in Ripple’s XRP as Price Retakes $0.30: Here’s Why was last modified: February 12th, 2020 by Nick Chong
Since 2013, Nick has shown interest in Bitcoin and cryptocurrencies. He has since become involved in the industry as a full-time content creator, working for NewsBTC, Bitcoinist, LongHash, among other outlets. Aside from covering…
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