HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

XRP May Be Primed for a “Massive Breakout” After Reclaiming Crucial Levels

Altcoins 2020/09/03 01:00 by Cole Petersen

XRP has been closely tracking Bitcoin and the other major altcoins throughout the past few days.

Although this helped provide it with some slight momentum earlier this week, it has since caused it to see some notable downside, as the aggregated crypto market is beginning to show some signs of weakness.

That being said, there are a few technical factors that seem to indicate that the cryptocurrency is well-positioned to see significant upside in the near-term, potentially allowing it to surge higher in the coming few days.

One particular analyst is pointing to its ability to reclaim the level where its first bull ran first began against its BTC trading pair, as well as its break above its 200-day moving average.

The confluence of these factors may allow XRP to break above the resistance it faces between $0.30 and $0.33, with a clear move past this price region potentially leading it up to fresh highs.

XRP Declines as Aggregated Crypto Market Flashes Signs of Weakness

At the time of writing, XRP is showing some signs of weakness as it is trading down over 8% at its current price of $0.27.

This is around the price at which it has been trading throughout the past few weeks, but it still marks a significant decline from weekly highs of $0.31 that were set around this time yesterday.

These highs were set in tandem with the movement seen by Bitcoin, during which the benchmark crypto rallied up to highs of $12,200 before it lost its momentum and slid to lows of $11,100.

This decline created a headwind for the aggregated crypto market, causing Ethereum, XRP, and most other altcoins to shed nearly all of their recent gains.

Analyst: The Token is Poised for a Significant Near-Term Breakout

While speaking about XRP’s current technical situation, one analyst explained that he is still bullish on the cryptocurrency despite it showing some signs of weakness.

He even notes that he is anticipating it to see significantly further upwards momentum in the near-term, explaining that it has reclaimed multiple crucial levels.

“XRP Primed for a massive breakout. Has reclaimed where it’s first bull run ever began on the BTC pair + 200D EMA. Has reclaimed the 17′ resistance + 18′ support with today’s close. The bull run has started. Unfortunately I sold off a bit into $BTC yesterday. Huge close 2day,” he said.

XRP

Image Courtesy of Pentoshi. Chart via TradingView.

Unless Bitcoin’s descent continues creating significant headwinds for XRP that push it below these levels, there’s a strong likelihood that further upside is imminent.

Featured image from Unsplash.
Charts from TradingView.

0 Like(s)



You should also read...

Altcoins 24/11/19 22:30 by Cole Petersen
Ethereum is Attempting to Form Long-Term Bottom Against BTC, Claims Analyst
Bitcoin’s recent turbulence has spilled over into the aggregated crypto markets, leading most major cryptocurrencies to form a close correlation with its price action – which has proven to be high...
Read More
Bitcoin 17/08/20 18:00 by Cole Petersen
These Two Liquidity Regions Could Spark a Sharp Bitcoin Price Decline
Bitcoin is currently catching some upwards momentum that has sent it past its key resistance level at $12,000. Although the crypto has yet to post a significant break above this level, bulls do appear...
Read More
Bitcoin 31/08/20 18:00 by Cole Petersen
These Simple Factors Suggest Bitcoin May Plunge to $11k Before Surging
It has been a rocky past couple of weeks for Bitcoin and the aggregated crypto market. Despite some turbulence, BTC bulls have been able to guard against it seeing any significant near-term downside. ...
Read More
Mining 17/01/21 23:00 by Cole Petersen
Ethereum is About to Flip a Key Resistance Level into Support; New Highs Imminent?
Ethereum has seen some mixed price action as of late, with the cryptocurrency mainly taking its cues from Bitcoin This has caused it to struggle to gain any serious momentum, with its price being stu...
Read More
Altcoins 24/01/21 21:00 by Cole Petersen
Ethereum is About to Post a Massively Bullish Signal as Bulls Take Charge
Ethereum has seen some immense strength in the time following its capitulatory plunge towards $1,000 The cryptocurrency’s V-shaped recovery has allowed it to gain serious ground against Bitcoin...
Read More