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XRP has been one of the big winners of Bitcoin’s recent bout of consolidation, as the cryptocurrency has been able to surge significantly over the past several days and weeks, putting some notable distance between its recently lows $0.24.
Analysts are now noting that the cryptocurrency’s recent bullishness may be pointing to the possibility that XRP will surge as high as $0.33 in the near-future.
XRP Surges Towards $0.30 as Bullishness Builds
At the time of writing, XRP is trading up just over 1% at its current price of $0.293, which marks a slight surge from its daily lows of just under $0.29.
It is important to note that XRP is currently trading up significantly from its recent lows of $0.24 that were set at the less than one month ago in late-September, and the crypto’s surge in recent times has come in the face of bearishness amongst Bitcoin and other major altcoins.
Today, however, XRP is trading down over 2% against its BTC trading pair, and it has not been able to track the upwards momentum that Bitcoin has incurred earlier today after it faced an influx of buying pressure following its recent visit to the upper-$7,000 region.
In the near-term, it does appear that XRP is the beneficiary of Bitcoin’s consolidation period, and it is possible that it will not track BTC if the crypto is to incur any significant upwards momentum in the near-term, which may mean that XRP investors will benefit from any further BTC consolidation or downside.
Analyst: XRP May Target $0.33 in Near-Term
As for where the crypto may head next, one prominent analyst who focuses his TA primarily on XRP explained in a recent tweet that he believes the crypto may target $0.33 in the near-term.
“$XRP fan’s, here is the long term RSI pictograph for the #XRP chart, should be clear why I think the market will recognise longing $0.33c as a very positive play with good R:R. Accumulation, headfake, retest ….? $XRP fizz looks close x,” he bullishly noted while pointing to the below chart.
$XRP fan's, here is the long term RSI pictograph for the #XRP chart, should be clear why I think the market will recognise longing $0.33c as a very positive play with good R:R.
Accumulation, headfake, retest …. ?$XRP fizz looks close x pic.twitter.com/nbFPQF9Tun
— Harry (@HaraldoXRP) October 20, 2019
XRP’s current bullishness may be bolstered by any further Bitcoin consolidation, although any major upwards momentum incurred by the aggregated crypto markets will also likely bolster XRP’s price as it lays the groundwork for a visit to the lower-$0.30 region.
Featured image from Shutterstock.
