If you missed a crypto update yesterday, then you’ll be surprised why is Ripple (XRP) has been talking about today in the entire crypto space.
Why not? The third-largest cryptocurrency by market capitalization rallied more than 7% in just a matter of minutes and resulted to a $0.27 level. To many XRP enthusiasts, the said surge is caused by the breakout on XRP/BTC and XRP/USD pair. This suggests that XRP bulls are doing their best to rally against Bitcoin (BTC) and US Dollars.
While a number of altcoins have seen with an impressive performance in the market throughout the week, others showed some low energy.
XRP is among these altcoins that continue to hover around its key support level and show some signs of upwards pressure. The XRP/BTC pair is currently trying to break the 2-year downtrend.
Previously, many altcoins already attempted to breakout their downwards trendlines, including Ethereum Classic, Cardano, and Icon. XRP, on the other, tends to be lagging, yet the crypto asset is currently displaying a substantial move.
If you’ll remember, XRP was one of the worst performers in 2019 despite BTC and other altcoins regained during the post-cryptocurrency bubble collapse.
XRP hit the all-time high (ATH) of more than $3.50 per token during the bubble’s peak before it entered the 2-year downtrend. The said peak of the bubble reduced the price to the point that it collapsed to as low as $0.017.
However, after breaking that low, XRP started to surge. Now, the asset has broken out of the XRP/USD pair’s downtrend resistance. The aforementioned breakout pushed the price to $0.27. But it appeared that XRP is set for further upside, which is possible to as high as $14. According to analysts, that price level is possible if there’s a repeat 2016 alt season, which will help the price surge higher from its current levels.
Based on the current trading chart of XRP against USD, the crypto asset shows a reachable potential upside. Historically, after XRP broke the downward trendline, its price rallied to a tremendous 180%.
With the same breakout and move, the XRP will then attempt to reach the 0.00006600 satoshis target zone. In fact, that move is not impossible since the crypto usually jumps in the next days without a retrace.
Back in September 2018, the price hit 180%, following the price being stabilized but failed to make higher highs.
Furthermore, many similarities were observed between the price action of today and the market structure of XRP during early 2016. During that time, the price collapsed below the 2015 support and led to a remarkable push of 200%. Then, breaking out of a downward trendline.
In the case that XRP showed the move, then it could rally to a stable price level of $0.55 after breaking through the $0.30 level.
So, it’s no surprise why a number of XRP enthusiasts can’t wait to end the 2-year downtrend of the crypto asset.
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