• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis XRP

XRP Could Be Forming a “Blow Off Top” as It Continues Pushing Higher

Cole Petersen by Cole Petersen
2 months ago
in XRP
Reading Time: 2min read
Ethereum Just Surpassed $500 For First Time Since 2018—Key Reasons Why
Advertisement
Listen to Article

XRP has surprisingly been one of the best performing altcoins throughout the past few days, far surpassing the gains seen by Ethereum over the past month and even outperforming Bitcoin’s gains seen over the past week or two.

This comes following a prolonged bout of sideways trading that persisted for over a multi-year period.

The break above the $0.30 level – which has long been a strong resistance level – seems to be what sparked this movement, and the parabolic uptrend seen in the time since confirms the significance of this recent breakout.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

One trader is now noting that the cryptocurrency is flashing some signs of forming a potential “blow-off top.”

This is a technical pattern seen when a cryptocurrency goes on a parabolic, FOMO-induced rally that ends in aggressive profit-taking.

So far, it has yet to see any sharp retrace. This means that bulls may still have some juice left to push it higher, potentially aiming at the $1.00 level next.

If the blow-off top the one analyst expects does come to fruition, it may decline towards $0.40 next.

XRP Explodes Higher as Shocking Uptrend Continues

At the time of writing, XRP is trading up over 10% at its current price of $0.68. This marks a massive rise from its weekly lows of $0.23 set just a few days ago.

This parabolic advance first came about after the cryptocurrency rallied past its $0.30 resistance level earlier this week.

It did reject at $0.80 overnight, suggesting that this is a key resistance level that may continue suppressing its price action in the days and weeks ahead.

A break above here would open the gates for a move to $1.00 in the near-term, which will likely prove to be an intense resistance level.

Analyst: Here’s Why a “Blow-Off Top” Could be Imminent

One trader explained in a recent tweet that XRP could be forming a “blow-off top,” which is a sign that downside could be imminent.

The chart he offers shows a downside target that sits at roughly $0.44, which would mark a notable decline from its current price level.

“XRP Giving blow off top vibes. I hate money so I’m going to try and short this,” he said while pointing to the below chart.

XRP

Image Courtesy of Altcoin Psycho. Source: XRPUSD on TradingView.

The coming few days should provide some insights into the long-term significance of this recent movement. Any sharp rejection or selloff could confirm XRP’s recent highs as a top.

Featured image from Unsplash.
Charts from TradingView.
Tags: XRPBTCXRPUSDxrpusdt
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
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.

Related Posts

Ripple (XRP)

Charted: Ripple (XRP) Testing Crucial Support, Why It Could Nosedive

22 hours ago
Ripple (XRP)

Charted: Ripple (XRP) Signaling Bullish Breakout, Why It Could Retest $0.35

7 days ago
Ethereum

Charted: Ripple (XRP) Surges 15%, Why The Bulls Are Back In Control

1 week ago
xrp ada salt crypto

XRP At Risk Of Falling Out Of Crypto Top Five For First Time Since 2013

1 week ago
Ripple (XRP)

Charted: Ripple (XRP) Dives Below $0.30, Why 100 SMA Is The Key

2 weeks ago
Ripple (XRP)

Charted: Ripple (XRP) Eyes Fresh Rally To $0.35, Dips Remain Supported

3 weeks ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

FEB Inc. Announces a New Service, Cost-Effective PR Media Packages for East Asian Markets

January 27, 2021

Hodlnaut Partners with Crowe Singapore to Perform Independent Verification of US$106 Million of CryptoAssets

January 27, 2021

Helio Lending Pivots into Becoming a CeFi Aggregator

January 27, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.