XRP is “On Fire” as the Crypto Races Towards Next Key Resistance
XRP has been one of the best performing major cryptocurrencies over the past several days, with its recent rally past $0.30 allowing it to form a highly bullish market structure that is likely to lead it significantly higher in the near-term.
Analysts are now noting that a break above $0.33 could be imminent, potentially allowing the cryptocurrency to see a significant extension of its recently incurred upwards momentum.
XRP Struggles to Break Above $0.30, But Analysts Eye Further Upside
At the time of writing, XRP is trading up just under 9% at its current price of $0.324, which marks a massive climb from its daily lows of $0.27.
The cryptocurrency – which is currently coming off of an incredibly bearish 2019 – is now showing signs of wanting to go parabolic, with its historical price action suggesting that this type of rally could be imminent.
It is important to note that the crypto has been struggling to break above $0.33 over the past several hours, with its original visit to this level sparking a notable selloff that led it as low as $0.31.
XRP’s recent push past $0.30 also allowed it to fly past its 200-day Moving Average, which had previously been suppressing the cryptocurrency’s price action.
Big Cheds, a prominent crypto analyst on Twitter, spoke about this in a recent tweet, concisely noting that the token is “on fire right now.”
“XRP daily – On fire right now,” he said while pointing to the daily chart seen below.
Harry, another popular cryptocurrency analyst on Twitter, explained in a tweet that he believes the crypto is bound to advance further in the near-term, with its ability to hold above support at $0.31 suggesting a break above $0.33 could be imminent.
“XRP – price action shows recent rejection of $0.33c at $0.327 levels with support currently at $0.311, a further advance is in the works, hopefully this will be more like the fizz the fans are looking for,” he noted while pointing to the chart seen below.
$XRP – price action shows recent rejection of $0.33c at $0.327 levels with support currently at $0.311, a further advance is in the works, hopefully this will be more like the #fizz the fans are looking for x pic.twitter.com/BsHoljl7zt
In the near-term, it is highly likely that the cryptocurrency sees some further upwards momentum, although Bitcoin’s current signs of bearishness could be enough to halt the rallies that are currently ongoing amongst many major altcoins.