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XRP, like most major altcoins, has seen an intense selloff today that has been primarily driven by Bitcoin’s decline to lows of $9,500, with the benchmark cryptocurrency’s downtrend accelerating in the time following its violent break below $10,000.
In the near-term, despite XRP’s overt bearishness, it is important to note that this downtrend may not last long, as the crypto is on the cusp of reclaiming a key technical level that could allow it to see further upside.
As for how high the crypto could rally in the near-term, one analyst is noting that he is watching to see it revisit its recent highs within the lower-$0.30 region.
XRP Plummets 8% as Altcoins Fall Victim to Market-Wide Selloff
Currently, the entire crypto market is facing turbulence as Bitcoin moves towards $9,500, with its break below $10,000 leading other cryptocurrencies to similarly break below key support levels.
At the time of writing, XRP is trading down just under 8% at its current price of $0.277, which marks a notable decline from daily highs of $0.31, and a significant break below its previous support at $0.30.
In the near-term, it does seem as though $0.275 is a slight support level that could allow the crypto to incur some momentum.
Smokey, a prominent cryptocurrency trader, spoke about XRP in a recent tweet, in which he explains that he will flip bullish on the crypto if it is able to close its daily above $0.28, which would also mark a recapture of its 200-day moving average.
“If XRP closes this daily above .28$ on the USD Pair and above the daily 200MA on the BTC Pair I’ll be back in, but with less size. Risking less and if it starts going again I’ll add on the upside. A lot of flip flopping around XRP from me but it still looks fine in my opinion,” he said.
If $XRP closes this daily above .28$ on the USD Pair and above the daily 200MA on the BTC Pair I'll be back in, but with less size. Risking less and if it starts going again I'll add on the upside. A lot of flip flopping around XRP from me but it still looks fine in my opinion -> pic.twitter.com/9J1obU0Wwc
— Smokey 一目均衡表 (@SmokeyHosoda) February 17, 2020
Watch Out Bears, a Sizeable Rally Could be Imminent
If this bullish technical situation does play out over the coming several hours, it is possible that XRP will soon rally back up to its highs around $0.33.
Bitcoin Jack, another well-respected trader and analyst, spoke about this in a recent tweet, showing a chart that shows a short-term upside target for the token at around $0.33, which would mark a roughly 16% climb from its current prices.
“Picked up some XRP again for a little swing up,” he noted.
Picked up some $XRP again for a little swing up pic.twitter.com/szSspRbOUk
— //Bitcoin 𝕵ack 🐐 (@BTC_JackSparrow) February 17, 2020
Unless Bitcoin incurs any massive downside movement in the near-term, it does seem as though XRP’s ongoing downtrend could be fleeting.
Featured image from Shutterstock.
