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Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision

This Single Chart Suggests XRP May Rally Up Towards $0.50

Cole Petersen by Cole Petersen
3 years ago
in Ripple, Technical analysis
Reading Time: 2 mins read
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XRP has been moving in close tandem with Bitcoin and the aggregated crypto market throughout the past few days and weeks, with the crypto largely consolidating within the mid-$0.20 region as it continued finding support in the lower-$0.20 region and resistance around $0.30.

This price action has done little to offer insight into the cryptocurrency’s near-term outlook, and it does appear that where it trends next will depend largely on where Bitcoin and other major altcoins trend in the near-term.

Despite the weakness seen in recent weeks, it is important to note that it is still flashing some signs of strength.

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One analyst believes that XRP will outperform Ethereum in the mid-term, noting that there are a plethora of bullish factors underpinning its current technical outlook.

Another trader recently put forth a chart showing how he sees the cryptocurrency trending in the near-term. If his outlook comes to fruition, the cryptocurrency will soon rally up towards $0.50 in the near-term.

XRP Shows Signs of Strength as Analysts Expect Outperformance

At the time of writing, XRP is trading up just under 2% at its current price of $0.24. This is around the price at which it has been trading at for the past couple of days.

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It has been caught within a consolidation pattern, with it forming a tight range between $0.23 and $0.245. Which of these levels is broken first may provide significant insights into its near-term outlook.

One analyst explained that he believes XRP will outperform Ethereum in the near-term due to its strong technical outlook.

“I’ll say it again – expect XRP to outperform ETH over the coming months. Has nothing to do with fundamentals or my affinity towards either coin- just the charts, plain and simple.”

Analyst: The Token is Likely to Target $0.50 in the Near-Term

While speaking about the cryptocurrency’s technical outlook, one analyst explained that XRP may be well-positioned to see major upside in the near-term.

He put forth a chart showing that the recent drawdown is simply a bullish retest, which will be followed by a strong upswing that leads it up towards $0.50 in the near-term.

This can be seen in the below chart:

XRP

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

The above chart also shows that a break above $0.50 could be enough to send it towards its other key resistance regions at $0.92 and $1.18.

For this to occur, it is imperative that Bitcoin and the rest of the crypto market also remain strong in the near-term.

Featured image from Unsplash.
Charts from TradingView.
Tags: XRPBTCXRPUSDxrpusdt
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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.

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