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XRP Shows Signs of Bottoming as Analysts Watch for Serious Upside

Altcoins 2020/11/20 03:00 by Cole Petersen

The recent rally across the aggregated crypto market has been so strong that even XRP – the embattled token closely associated with Ripple – has been able to rally.

The entire market is showing some signs of strength at the moment, with Bitcoin looking strong as it attempts to move past $18,000, with most major altcoins also flash major signs of strength.

Where XRP trends next will likely depend entirely on whether or not BTC and the other major altcoins can all maintain their upwards trajectories, as any swift downturn would create shockwaves spanning throughout the entire market.

One analyst is now noting that there’s a strong possibility that further upside is imminent in the near-term, as the cryptocurrency just bounced at a previous resistance level, confirming it as support.

Because this is a classic sign that upwards continuation is imminent, XRP could be on the cusp of seeing massive near-term upside.

One trader is even going so far as to call its recent lows a long-term bottom.

XRP Breaks Above Long-Held Trading Range as Uptrend Kicks Off

At the time of writing, XRP is trading up over 2% at its current price of $0.30. This marks a notable upswing from its daily lows of $0.28 set during the market-wide consolidation seen yesterday.

The selling pressure it faced when it broke above $0.30 for the first time was significant, as this has long marked the upper boundary of a strong multi-year trading range.

If it can post a long-term break above this level, it could be a strong base for future growth.

The fact that the dip below it was aggressively bought is a promising sign, showing that XRP can rally despite its lack of adoption at the moment.

Analyst Claims XRP is Poised to See an Explosive Push Higher 

One trader explained that XRP could be on the cusp of forming a long-term bottom.

He points to its recent lows of $0.28 as a long-term bottom, noting that it is time to “send it.”

“The chart says it all. I see a daily close above and re-test of our key RED region. Bottom is likely in. SEND IT,” he said while pointing to the below chart.

Bitcoin

Image Courtesy of Credible Crypto. Source: XRPUSD on TradingView.

Because XRP doesn’t have too much going for it at the moment besides the strength across the entire market, there’s a strong possibility that where it trends in the near-term will depend almost entirely on Bitcoin.

Featured image from Unsplash.
Charts from TradingView.

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