XRP has been struggling to garner any notable momentum in recent times, with the latest market-wide uptrend leading the embattled cryptocurrency up to its near-term resistance at $0.20 – a level that it has failed to surmount since mid-February.
The crypto is continuing to show some signs of weakness as it hovers just below this level, and the downtrend seen throughout the aggregated crypto market this morning could lead it to see further near-term downside.
There is one level, however, that could send the crypto into the throes of an intense bull market if surmounted, leading one analyst to note that a break above this level could lead to gains as high as 300%.
XRP Sees Slight Underperformance of Bitcoin as Near-Term Weakness Grows
At the time of writing, XRP is trading down just under 1% at its current price of $0.195, marking only a marginal decline from its daily highs.
This weakness came about after Bitcoin faced yet another rejection at $7,700, pointing to some underlying weakness throughout the aggregated crypto market.
$0.20 has been established as a strong resistance level for the embattled cryptocurrency in the time following its capitulatory decline to the sub-$0.10 region, as it was only broken above once in the time since.
This upwards break came about in early-April and was closely followed by a major selloff that sent the cryptocurrency reeling lower.
In the near-term, which direction the crypto trends next will be highly dependent on how Bitcoin’s current bout of sideways trading around $7,500 resolves.
Here’s the Level that Could Spark the Crypto’s Next Parabolic Rally
XRP bulls have some work cut out for them if they want the crypto to incur further upside.
One analyst on Twitter recently noted that $0.33 is the key level bulls need to surmount if they want to spark a parabolic uptrend.
He also notes that the cryptocurrency is showing signs of near-term weakness, meaning that this level may not be revisited for quite some time.
“XRP/BTC and XRP/USD: While the chart just isn’t bullish. I do believe once it reclaims .33c it will likely do a 2-3x. It’s the last major LH in its 850 day downtrend from the macro perspective. We are at an interesting spot here on both pairs. The XRP/BTC pivot point shows,” he noted.
Whether or not the crypto is able to surmount this level in the months ahead will likely be largely dependent on where Bitcoin trends next.
Featured image from Unsplash.
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