Cryptocurrency
XRP Breaking This Key Multi-Year Level Could Spark a Massive Rally
As reported on NewsBTC, “XRP has been moving in close tandem with Bitcoin and Ethereum in recent times, struggling to garner any independent momentum. “This correlation exposed it to downside last week, before throwing it into a bout of prolonged consolidation. “The cryptocurrency’s price is now hovering around $0.29, which is around where it has […]
As reported on NewsBTC, “XRP has been moving in close tandem with Bitcoin and Ethereum in recent times, struggling to garner any independent momentum.
“This correlation exposed it to downside last week, before throwing it into a bout of prolonged consolidation.
“The cryptocurrency’s price is now hovering around $0.29, which is around where it has been trading throughout the past several weeks.
“This does mark a slight climb from recent lows of $0.27 that were set earlier this week, but the crypto is still struggling to garner any clear momentum in the near-term.
“That being said, one analyst is now noting that XRP is on the cusp of confirming key historical resistance level as support.
“If successfully flipped into support, he believes the crypto could soon see a parabolic surge that sends its price rocketing up towards $0.475 in the near-term.
“At the time of writing, XRP is trading up just over 1% at its current price of $0.28. This is around where it has been trading throughout the past week, as both its buyers and sellers have reached an impasse.
“This lack of momentum is primarily rooted in the lackluster price action seen by both Bitcoin and Ethereum, which have been consolidating throughout the past few weeks.
“It is important to note that XRP remains highly correlated to these assets, so whether or not it can push higher may depend on where they trend in the near-term…”