The analyst says that XRP could point to $ 0.70 as the uptrend becomes parabolic

XRP has surprisingly been one of the top-performing major altcoins in recent days, seeing parabolic gains as the bulls take full control of its price action.

Its rally also shows little sign of slowing, with cryptocurrency bulls seeing further upside as it breaks through several key resistance levels.

This is despite the fact that the XRP token has not seen fundamental changes, as its adoption among banks and companies is still missing despite the numerous efforts of Ripple.

This indicates that traders are primarily driving this price action, with its speculative value remaining high because it is listed on all major exchanges and has ample liquidity which makes it easy to enter and exit large positions.

A trader is now noting that he expects further upside as the cryptocurrency approaches the end of a triangle formation it has been caught in for the past couple of days.

He concludes that this means that an upward push towards $ 0.70 could be imminent in the near term. This would mark a 400% increase from recent lows set just a few days ago.

XRP sees an intense recovery as the bulls take the lead

XRP has been one of the leading worst-performing cryptocurrencies since its price peaked for the first time in late 2017.

Since then, it has faced endless selling pressures from investors and Ripple, which has created a steady stream of downward pressure that buyers have been unable to overcome.

The cryptocurrency has since countered this trend and is now entering a full-fledged bull market as analysts look further to the upside.

At the time of writing, XRP is trading up just under 30% at its current price of $ 0.57. This marks a huge rise from its recent $ 0.23 lows set just a few days ago.

Analysts’ statements are likely to move to $ 0.70

As for the short-term performance of XRP, an analyst explained which is closely watching a rise towards $ 0.70, adding that it may even exceed this price.

“XRP: I still expect 60-70 cents before the airdrop, if not higher.”

Image Courtesy of NekoZ. Source: XRPUSD on TradingView.

As long as the broader market remains stable in the days and weeks to come, there is a strong possibility that further upside is imminent for legacy altcoins like XRP.

Featured image from Unsplash.
Charts from TradingView.