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Much to the surprise of investors, XRP has been one of the best-performing cryptocurrencies over the past day, with bulls taking full control of its price action after breaking above its $ 0 trading range. 20 and $ 0.30.
It is now becoming parabolic, with the bulls canceling its recent underperformance trend as they aim to push it up towards $ 0.50 in the near term.
XRP appears to find some resistance around its current price region, which could slow its rise and show it some consolidation in the near term.
It is important to note that there is no fundamental reason behind this recent recovery, as the cryptocurrency is not yet adopted and has a long way to go before its valuation is fully justified.
There is a possibility that the continued resurgence of the cryptocurrency market will direct more corporate attention to the market, which could make it easier for Ripple to target users to their XRP-related products.
A trader now expects further upside for the token, looking towards $ 0.46 as a short-term target.
This would mark an increase of more than 10% from its current price level and could be where it will rise in the short term before finding resistance.
XRP increases the rallies as the bulls take control
The last few years have been tough for XRP, as the cryptocurrency has been caught in one of the most intense side trading attacks seen by the entire market.
Where medium-term crypto trends may largely depend on its reaction to its recent breakout, as some traders may see it as an exit opportunity.
At the time of writing, XRP is trading more than 23% higher at its current price of $ 0.41. This is roughly the price at which it has been trading in the last few hours. Staying above this level could provide it with serious medium-term momentum.
That is why it may soon increase even more
An analyst you think that the embattled token still has some room for further gains in the short term.
He is specifically waiting for a rally to $ 0.46, noting that this is the next key resistance level he will face.
“XRP Update: I like it when a trade clears up so quickly. I think we’ll see a pullback in 0.38c from here followed by another leg in 0.46c.”
Image Courtesy of Bagsy. Source: XRPUSD on TradingView.
The next few days will provide information on whether or not XRP is well positioned to see further upside in the days and weeks to come or whether this ongoing rally will be heavily sold.
Featured image from Unsplash. Charts from TradingView.
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