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XRP is currently positioning itself to be the dark horse of 2020, as the embattled token is now setting itself up to see massive near-term upside, which comes mere weeks after it closed 2019 with YTD losses of over 40%.
Analysts are now noting that the cryptocurrency is fast approaching a key resistance line, with a break above this level potentially leading to a massive rally that allows it to reclaim its previously held position within the $0.30 region.
XRP Rallies Over 5% as Bulls Show Signs of Waking Up
At the time of writing, XRP is trading up just over 5% at its current price of $0.241, which marks a notable climb from its daily lows of $0.22, and an even more significant climb from its weekly lows of under $0.21 that were set prior to the market-wide rally seen this past Tuesday.
From the start of the year, XRP has been caught within the upwards tailwind that has resulted from Bitcoin’s move towards $9,000, and analysts are now widely noting that the recent lows experienced by both Bitcoin and altcoins alike may mark a long-term bottom.
For XRP, these lows currently exist at just below $0.18, which is where the cryptocurrency plummeted to in late-2019 before the markets began incurring their newfound strength.
Today’s rally has also marked a decisive break above a previous resistance line that was suppressing its price.
Harry, a popular cryptocurrency analyst who focuses primarily on XRP, spoke about this line in a tweet from a couple of days ago, saying:
“$XRP – 6 month RSI technical level broke yesterday, here is where the 6 month descending trend line rejected yesterday but very likely breaks up today.”
$XRP – 6 month RSI technical level broke yesterday, here is where the 6 month descending trend line rejected yesterday but very likely breaks up today x pic.twitter.com/odKItndlDz
— Harry 🪝🏴☠️ (@HaraldoXRP) January 15, 2020
Bulls May Soon Target The $0.30 Region
The recent break above this key trendline is likely to lead the cryptocurrency’s price up towards $0.25, which is where it may find some strong short-term resistance.
A break above this level, however, could help catalyze a massive rally to $0.30 and beyond.
“XRP showing signs of strength. Break $0.25 and it’s showtime. $0.3 as a first target. I am long,” Galaxy – another popular cryptocurrency analyst – explained in a tweet.
$XRP showing signs of strength.
Break $0.25 and it's showtime.
$0.3 as a first target.
I am long. pic.twitter.com/MBOBJl0NbY
— Galaxy (@galaxyBTC) January 17, 2020
How the markets trend throughout the weekend will likely set the tone for where the head throughout the rest of the month, but the fact that Bitcoin and major altcoins like XRP are all contesting key resistance levels suggests further upside is imminent.
Featured image from Shutterstock.
