Altcoins News
By Steven Anderson
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XRP Tries to Break the 2-Year Downwards Trendline
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Can XRP Really Make It?
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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.
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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.
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While a number of altcoins have seen with an impressive performance in the market throughout the week, others showed some low energy.
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XRP is among these altcoins that continue to hover around its key support level and show some signs of upwards pressure.
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Previously, many altcoins already attempted to breakout their downwards trendlines, including Ethereum Classic, Cardano, and Icon.
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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.
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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.
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However, after breaking that low, XRP started to surge. Now, the asset has broken out of the XRP/USD pair’s downtrend resistance.
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Based on the current trading chart of XRP against USD, the crypto asset shows a reachable potential upside.
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With the same breakout and move, the XRP will then attempt to reach the 0.00006600 satoshis target zone.
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Back in September 2018, the price hit 180%, following the price being stabilized but failed to make higher highs.
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Furthermore, many similarities were observed between the price action of today and the market structure of XRP during early 2016.
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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.
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