Are There Some Key Levels to Anticipate As XRP’s Price Shows Positive Signs For New Rally?January 19, 2020
Based on the recent XRP’s support near $2200 over USD, the crypto asset’s price shows signs of recovery. On the other hand, crypto analysts suggested that it has to overcome a $0.2360 region to start a new rally.
Moreover, according to some analysts’ judgment, XRP quickly approaches the key resistance level. What does it mean? Well, it will help the crypto to reclaim its former held position at $0.30 level.
Is XRP Becoming This Year’s Dark Horse?
XRP might end 2019 with massive YTD losses of more than 40%. However, the cryptocurrency is now making its way to a near-term upside.
Traders saw XRP’s downside correction in the $0.2450 resistance region over USD. Besides, the price spiked below the $0.2300 level and broke the support levels of $0.2350 and $0.2320. On the other hand, the bulls successfully protected the 100 hourly moving average as well as the support level of $0.2220.
XRP is currently trading at $0.241. This current price suggests a remarkable climb from the crypto’s weekly lows at below $0.21 and daily lows of 0.22.
What Will Happen If XRP Go Wrong In Breaking Higher?
To start a new rally, the price of XRP needs to surpass the $0.2360 resistance level. In the case of a close above $0.2360 region, there’s a chance that the bulls might aim for a $0.2450 resistance level.
As for further gains, XRP’s price will then reach the resistance levels of $0.2480 and $2500 in the next sessions. But, what if the crypto cannot make a higher break?
In the case that the price of XRP didn’t do a climb above the resistance levels of $2350 and $2360, a resume in the slide is waiting.
The initial support is going to be near the lower neckline of the triangle at $0.2280. As for the first key support, the crypto will reach the $0.2250 region. When it comes to main support, XRP will gain the $0.2220 region, which might result to a near-term’s sharp decline under $0.2200. Then, the next major support is near $0.2080 level.
XRP’s Immense Bullishness
After the bulls successfully defended the XRP’s key support level, the crypto asset comes with an immense bullishness.
As the bulls effectively absorbed the selling pressure just to keep the Bitcoin along with other major altcoins in the key support regions, most investors enjoyed the bullish on the crypto markets.
Despite being overly optimistic in the rally to $0.40, many remain to be bullish on XRP. Most analysts assume that the crypto asset is soon to break the above key resistance region. This anticipated scenario might least XRP to a $0.33 surge by this coming week.
Overall, people in the crypto space are already preparing for the next XRP’s performance. In the coming few days, the question to whether or not the immense bullishness of XRP will prove to be true will finally get an answer.