Home Altcoins News XRP Will Likely to Reach Its First Target $0.30, The Bulls Is Now Paving The Way

XRP Will Likely to Reach Its First Target $0.30, The Bulls Is Now Paving The Way

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The recent climb above the resistance of $0.2400 is a job well done for the XRP bulls. The third largest crypto asset by market cap is gradually rising and shows positive signs for further surge.

The price of XRP is trading above the $0.2200 and many XRP enthusiasts look forward that it could hit the $0.3000 level. In fact, based on the data provided by Kraken, there’s a formation of connecting bullish trend line with the support level close to $0.2405 on the XRP/USD pair hourly chart.

In addition, the XRP/USD pair comes with a strong support on dips close to the levels of $0.2400 and $0.2320 in the next days.

XRP’s First Target

Traders continue to turn bullish on XRP and consider $0.30 as the first target.

Crypto trader and analyst Galaxy noted that the recent market behavior of XRP displays some signs of strength. For the crypto asset start getting closer to its first target, it requires to break the resistance level of $0.25.

Meanwhile, XRP enthusiast Joker shared a monthly chart for XRP saying that the crypto forms a bullish flag. He also noted that the new all-time high for XRP is approaching. Once the price surges, everyone can expect for $5.73 TP. If not, the crypto will turn bearish and the estimated TP would be $0.005.

Any Possible Downside Consolidation?

The previous resistance close to the $0.2400 level will act as a support. However, in the case of downside break below the $0.2400 level alongside with trend line, then the price of XRP will further collapse.

The XRP’s nexr support would be close to $2380 and it would coincide with the Fib retracement level of 50% transferring from $0.2293 low to $0.2464 high.

As for the key support, it would close to the $0.2320. Below that level, the XRP’s price will potentially struggle maintaining the positive price level in the next few days.

Is the Surge of XRP Remain Dependent on Bitcoin?

Despite the readiness of XRP to break higher, its price remains dependent of that of Bitcoin. In short, if BTC does not rally, then XRP will not either.

Fortunately, the XRP bulls can gain strength in the near term because the Bitcoin’s fundamentals and technicals suggest.

Whether or not the hash rate and prices correlate between of that of XRP, the fact that miners work harder to take out resources into the mining cryptocurrencies foretell that there will be a long-term trend across the crypto space.

The crypto market might encountered some challenges during the first weeks of the year, major altcoins like XRP trade well. It actually gained 15% weeks ago.

Although the price of XRP climb above the $0.2400 level, there is still a huge potential that it will hit its first target which is $0.30. Besides, the XRP bulls are now ready to break the $0.2500 level to ensure that they will achieve the next target. 

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