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The recent rally in the aggregate cryptocurrency market has been so strong that even XRP, the fought token closely associated with Ripple, was able to rise.
The entire market is showing some signs of strength at the moment, with Bitcoin looking strong as it attempts to break above $ 18,000, with most of the major altcoins showing important signs of strength as well.
The next XRP trend will likely depend entirely on whether BTC and other major altcoins can maintain their upward trajectories, as any rapid downturn would create shockwaves that span the entire market.
An analyst is now observing that there is a strong possibility that further upside is imminent in the near term as the cryptocurrency has just rebounded to an earlier resistance level, confirming it as support.
As this is a classic sign that the upward continuation is imminent, XRP may be on the verge of seeing a huge upside in the near term.
A trader even goes so far as to call his recent lows a long-term bottom.
XRP breaks out of the long-held trading range when the uptrend begins
At the time of writing, XRP is trading more than 2% higher at its current price of $ 0.30. This marks a notable increase from its daily lows of $ 0.28 set during the market-wide consolidation seen yesterday.
The selling pressure it faced when it first exceeded $ 0.30 was significant, as it long marked the upper bound of a strong multi-year trading range.
If it can record a long-term break above this level, it could be a solid foundation for future growth.
The fact that the drop below it has been aggressively bought is a promising sign, showing that XRP can increase despite its lack of adoption at the moment.
Analyst says XRP is poised to see an explosive push higher
A trader explained that XRP may be on the verge of forming a long-term fund.
It indicates its recent lows of $ 0.28 as a long-term low, noticing it it’s time to “send it”.
“The graph says it all. I see a daily close above and a retest of our key RED region. Probably the bottom is inside. SEND IT, ”he said pointing to the graph below.
Image Courtesy of Credible Crypto. Source: XRPUSD on TradingView.
Since XRP doesn’t have much to offer at the moment other than strength across the market, there is a strong possibility that the near-term trend will depend almost entirely on Bitcoin.
Featured image from Unsplash. Charts from TradingView.
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