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XRP’s price action over the past few months, and even years, has been nothing but weak, with the token still dropping more than 90% from its all-time highs failing to gain widespread adoption.
The token’s close ties to the FinTech Ripple company have been a double-edged sword for its performance.
On the one hand, the 2017 rally was fueled by the high hopes surrounding Ripple’s xRapid product. On the other hand, its intense decline and inability to bounce back are due to the company’s previous model of selling tokens every quarter and its inability to drive adoption of the token.
Despite its multi-year consolidation phase within the $ 0.20 region, XRP is now showing some signs of life as it moves out of its long-standing trading range.
A decided breakout here could allow the cryptocurrency to see significantly further gains in the days and weeks to come.
One analyst even went so far as to note that a move above the $ 0.50 to $ 0.85 range could be just around the corner.
This kind of strong uptrend could mark the start of its next parabolic trend.
XRP pushes towards $ 0.30 as the entire crypto market rallies
At the time of writing, XRP is trading down just over 4% at its current price of $ 0.29. This marks a drop from its daily highs of $ 0.31 set in tandem with Bitcoin breaking above $ 18,000 last night.
The steep drop in both BTC and ETH from these highs is the cause of XRP’s inability to stay above the upper boundary of its long-range channel at $ 0.30.
It has now flipped $ 0.28 into strong support, and the ability to continue to hold above this level could completely alter its near-term outlook.
Claims from analysts rising to $ 0.80 may be imminent
A trader believes this latest upward push could be the start of XRP’s next parabolic trend.
He Notes that it may take some time to confirm that this move is imminent, as it must close its weekly candle above $ 0.315 for it to happen.
“XRP is really on the verge of something big here. Looking for a weekly close above $ 0.315. The move measured on the ihs is between 50 and 85 cents.”
Image Courtesy of Jonny Moe. Source: XRPUSD on TradingView.
The next few days should offer information that this is a realistic possibility for the conflicting XRP token.
Featured image from Unsplash. Charts from TradingView.
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