After facing months of lackluster price action, XRP’s bulls have finally awoken and are now propelling the cryptocurrency’s price towards a key region of resistance and it may incur significantly further gains before it slows down anytime soon.
This upwards momentum has made XRP a market-leader over the past 48-hours, and a break above its near-term resistance could lead to significantly further gains in the near-term.
XRP Surges Past $0.30 as Buyers Gain Full Control
At the time of writing, XRP is trading up nearly 14% at its current price of $0.316, which marks a significant surge from its 24-hour lows of $0.28.
Over a one-week period, it is abundantly clear as to just how positive XRP’s price action has been for investors over the past week, as it is currently trading up significantly from seven day lows of $0.25 – which is where the cryptocurrency had been trading at for several weeks following its drop below $0.30 in mid-August.
This bullish price action has come about as the aggregated crypto market is expressing tremendous strength, with Ethereum and other major altcoins posting large gains over the past 48-hours.
In the near-term, XRP may continue rising until it hits its moving average around 0.00005 BTC, which would mark a significant rise from its current price of 0.000031 BTC.
Big Cheds, a popular crypto analyst on Twitter, spoke about this in a recent tweet, also noting that XRP’s RSI is entering a “power zone” with a bullish EMA cross currently occurring.
“$XRP #Ripple daily chart- Still pushing as RSI enters the power zone, EMA 8/34 bull cross,” he explained.
$XRP #Ripple daily chart- Still pushing as RSI enters the power zone, EMA 8/34 bull cross #TheStandard pic.twitter.com/0sxRDHXfdP
— Big Cheds (@BigCheds) September 18, 2019
$0.33 May Be Key Resistance Region in Near-Term
As for what dollar price may be the next key resistance region for XRP, one popular analyst is noting that $0.33 will likely be the price at which the crypto faces some resistance, but a break above this level could spark a massive uptrend.
Harry, an analyst that focuses primarily on XRP, explained in a recent tweet that a movement above $0.33 will likely prove to be quite positive for the cryptocurrency’s near-term price action.
“$XRP – market appetite for #XRP increases greatly above $0.33c I think,” he noted.
$XRP – market appetite for #XRP increases greatly above $0.33c I think x
— Harry (@HaraldoXRP) September 18, 2019
The coming days will likely illuminate the long-term importance of XRP’s recent rally, as any extension of this upwards momentum could signal that this latest surge is emblematic of a long-term shift in trend.
Featured image from Shutterstock.
Let’s block ads! (Why?)