XRP and all other cryptocurrencies just closed out their weekly candles a couple of hours ago, with today’s close being widely viewed as a critical event that would offer significant insight into where the markets will head throughout the rest of the year.
XRP, which has seen a relatively good week, was able to close this key weekly candle above a critical resistance level, leading many analysts to note that the crypto could be primed for further upside.
In the near-term, it does appear that the cryptos next key resistance level exists at roughly $0.31, and how it responds to this level should offer deep insights into whether or not it will be able to soon go parabolic.
XRP Posts Bullish Weekly Close as Analysts Eye Further Upside
At the time of writing, XRP is trading up just under 2% at its current price of $0.282, which marks a notable climb from daily lows of $0.278 that were set around this time yesterday.
It is important to note that the cryptocurrency was previously struggling to break above $0.28, which appeared to be a key resistance level throughout this past week.
Bitcoin’s break above $10,000, however, allowed major altcoins to see significant momentum, with XRP flying past its key resistance.
Jacob Canfield, a prominent cryptocurrency analyst on Twitter, explained in a recent tweet that he believes the crypto will target $0.31 next, as this is its next key resistance level.
“Seeing some good USDT pair set-ups this morning. XRP – $.275 entry with a high side target of $.31 looks good to me. Stop is fairly tight on this one,” he explained.
While looking at the chart referenced above, it does appear that the token may face some resistance around $0.29 before it further extends its upwards momentum, and it will be critical that bulls push it past $0.31 if they want to catalyze any type of significant rally.
Bagsy, another prominent cryptocurrency analyst on Twitter, explained in a tweet that he believes XRP could soon rally up towards $0.48 after breaking back into a high time frame trading range that it had been caught in throughout most of 2019.
“XRP USD Pair closed the weekly above 28 cents, that’s huge imo. I think XRPBTC could start performing better too now, simply because this is such a big level on the USD Pair,” he explained while pointing to the chart seen below.
$XRP USD Pair closed the weekly above 28 cents, that's huge imo.
I think XRPBTC could start performing better too now, simply because this is such a big level on the USD Pair. pic.twitter.com/VJkGTcc4fd
— Smokey 🧲 スモーキー (@BeegSmokey) February 10, 2020
If the embattled cryptocurrency is able to gain a solid foothold within this aforementioned trading range, then it could be in for significantly further near-term upside.