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XRP has been one of the most surprising beneficiaries of the recent bullish trend at the market level, with the previously fought cryptocurrency outperforming Bitcoin’s gains in a short amount of time, even surpassing Ethereum and other major altcoins.
Its strength came after breaking above a multi-year trading range that was stuck between $ 0.20 and $ 0.30. Once $ 0.30 was turned into support, it began its parabolic rise.
Its momentum is now slowing due to some key resistance levels, but the next trend will likely depend on whether or not Bitcoin and the rest of the crypto market can find stability.
Both BTC and ETH have seen immense turbulence in the past 24 hours, with bears fading to all-time highs of the benchmark cryptocurrency and causing the aggregate market to show some signs of weakness.
Unless Bitcoin gains stability, altcoins like XRP may find it difficult to extend their new momentum.
However, a trader expects XRP to see some huge gains over the short term, pointing to $ 1.80 as a potential short-term upside target. Note that it may first find some resistance around $ 1.12.
XRP stagnates as Bitcoin struggles to set new highs
Yesterday was a wild day for Bitcoin and the entire market. After facing an intense sell-off that caused BTC to falter to lows of $ 16,400 last week, BTC bulls surged and pushed the cryptocurrency to new all-time highs of $ 19,800 on many exchanges yesterday.
The selling pressure here has been quite intense and has caused the entire market to fall, with the bulls eager to absorb this selling pressure today.
Of course, XRP was also affected by this volatility. At the time of writing, the cryptocurrency is trading more than 7% lower at its current price of $ 0.62. This is where it has been trading for the past few days and weeks.
The trader states that the token is still ready to explode higher
While sharing his thoughts on XRP’s current prospects, a trader noticed which remains firmly optimistic about its short and medium term prospects.
He said an upward move to $ 1.12 could come shortly, followed by a burst to $ 1.80.
“XRP: Aped in. Objectives 1.12 and 1.8,” he remarked concisely as he pointed to the graph below.
Image Courtesy of Livercoin. Source: XRPUSD on TradingView.
If XRP reaches its bullish target, it will mark an almost 3x move from where it is currently trading.
Featured image from Unsplash. Charts from TradingView.
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