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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Why This Trader Expects XRP to Hit $0.75 in The Coming Weeks

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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  • XRP’s price has been facing growing selling pressure, which has caused it to lose the momentum that was previously driving it higher
  • It now appears to be well-positioned to see further short-term downside, as the cryptocurrency has been struggling to break above its resistance at $0.30
  • Despite this short-term weakness, analysts still believe that the token could be poised to see some notable upside in the coming weeks
  • One trader is noting that its market structure suggests a sharp move up towards $0.75 is imminent in the near-term

XRP has been experiencing some turbulence throughout the past few days and weeks, with its price attempting to kick off a parabolic rally but being met with significant selling pressure.

This has led it to see stagnating price action, with it now being stuck below $0.30 as it continues consolidating alongside Bitcoin and Ethereum.

Although ETH and BTC are pushing up against their near-term resistance levels, it is important to note that XRP has been sliding lower ever since it hit highs of $0.33 last week.

From this point on, the cryptocurrency has been struggling to garner any further momentum as it faces newly established resistance at $0.30.

Analysts are still noting that it could be coiling up to make a massive upside movement in the near-term.

XRP Slides Lower as Selling Pressure Begins Mounting 

At the time of writing, XRP is trading down just under 2% at its current price of $0.275. This marks a notable decline from daily highs of $0.29 that were set around this time yesterday.

On a few occasions throughout the past couple of days, sellers have pushed the cryptocurrency’s price as low as $0.27.

Each visit to this price region has been followed by a sharp bounce.

This indicates that the support here is significant and may even be able to bolster its short-term outlook in the days ahead.

Analyst: The Token’s Market Structure Suggests Move to $0.75 is Imminent 

While speaking about XRP’s current market structure, one analyst explained that he believes a move up towards $0.75 is imminent.

He put forth the below chart to justify this target, showing that the recent downturn may simply be it retesting its support before making a bid at higher price targets.

XRP

Image Courtesy of il Capo of Crypto. Chart via TradingView.

As seen above, his first target sits at roughly $0.50. A break above this level is what could propel it significantly higher.

Featured image from Unsplash.
Charts from TradingView.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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The highest standards in reporting and publishing
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