As most cryptocurrencies register upside movements, XRP regained its crucial support at $1.25. Such moves follow the alt’s plunges that had the token hitting $1.22, a daily low.
For now, XRP prepares to break above its nearest resistance at $1.35. If bulls control the altcoin market, the crypto will move towards $1.50.
While writing this article, XRP trades 3% lower than $1.30, the coin’s daily high. However, market players expect higher prices as XRP/BTC expects a critical breakout.
According to the daily chart, XRP/BTC forms an equilateral triangle. The asset seeks a price breakout over the price pattern. With such a move, the pair will move towards new highs. The asset’s bullish run might mimic the 2017 bullish momentum, where the coin surged more than 1,000%.
Analysts – XRP to increase by 2300%
A Twitter cryptocurrency analyst Credible Crypto trusts that RXP prepares for a 2017-like bullish rally. Moreover, XRP supports such possibilities as it failed to reclaim its record high during the initial half of the bullish cycle. The analyst highlighted that XRP shot to $3.30 from $0.27 within a month in 2017’s bullish run.
According to Credible Crypto, XRP will see its price exploding if it claims its ATH in the upcoming sessions. The price moves can push XRP high to $30. The analyst took his stand, suggesting that XRP would trade around $20-$30, even if it can take a year.
XRP has noted upside price moves since 21 July. The coin broke from the horizontal resistance at $1.05 on 13 August. However, XRP returned to confirm the levels as its support some four days after.
Though with steady rises, the asset formed a single lower high by now. Moreover, the RSI and MACD indicate weakness.
The asset has its following resistance zone at $1.65.
XRP needs upside catalysts to overpower its resistances. With that, the alt will explore higher levels. For now, the market indicates positivity as most assets target new highs. Bitcoin hovers near the $49K mark as analyst expects surges.
Is the 2300% speculation by the Credible Crypto analysts possible? You can share your views below.
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