Ripple’s native digital currency XRP has been trading sideways around the $0.28 area for the last few days. The world’s third-largest digital currency could not find a breakthrough to $0.30 during this time which has become the psychological resistance for the coin. As the coin is continuously making attempts for this breakout, a cryptocurrency technical analyst has taken to twitter to say that the third major cryptocurrency could double in the coming weeks.
XRP Price might double in the weeks ahead
The technical analysis of Pentoshi, the lead technical analyst at Blockfyre, reveals that he is highly bullish on the third-ranked digital currency. Pentoshi claims in his technical analysis of XRP that the coin may become double in the coming few weeks.
The analyst believes that in the upcoming weeks, the top cryptocurrency will record a major price rally which will ultimately send the price value to around $0.475. If XRP succeeds to reach this level, it will bring the price value of the coin nearer to $0.50 a figure not seen this year so far. It will become the new yearly high for the third-ranked cryptocurrency. The analyst said:
“$XRP Still consolidating around this ever so important S/R that dates back 3 years. Ultimately expecting this to move up over the next few months at it’s own pace. Eyes on .475 in the coming weeks.”
By hitting $0.50 in the coming weeks, the major digital currency will be able to set a long-term bullish trend which may take the price of XRP to the $1 level. According to the technical analyst Pentoshi, if the pattern of the macro-trend successfully plays out in the favor of Ripple’s XRP it might be able to make its way toward the $1 figure.
However, currently, at the time of writing, the price value of the coin is trading at $0.28 with a change rate of 2.69% in 24 hours. In order to set a long-term bullish trend, the coin, first of all, needs to break through the psychological resistance which lies ahead. This is the next target for XRP at the moment.