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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

XRP Posts a Bullish Breakout as Altcoins Begin Following Bitcoin

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
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XRP has been severely underperforming Bitcoin and the aggregated crypto market throughout the past few days and weeks, struggling to gain any momentum as its price continues hovering within the mid-$0.20 region.

This underperformance may not last for too much longer, as analysts are now widely noting that it is currently in the process of posting a bullish breakout that could send it significantly higher in the days and weeks ahead.

A few strong resistance levels may slow its ascent and possibly cause it to see further losses in the near-term if bulls are unable to surmount them.

It is important to note that the lack of any real utility – despite its age and many promises from Ripple – could continue hampering its growth, also stopping new capital from new investors from flowing in.

If it surmounts its two key near-term resistance levels, an influx of buy-side pressure from traders alone may be enough to send it rocketing higher.

It is unlikely that any rally it sees in the near-term will be too sustainable, however.

XRP Struggles to Match Bitcoin’s Momentum But Begins Breaking Out

At the time of writing, XRP is trading up just under 4% at its current price of $0.26. This marks a roughly 10% climb from its recent lows of $0.24 set just a handful of days ago.

While XRP has continued consolidating within the mid-$0.20 region, Bitcoin has been caught in the throes of an intense uptrend that sent its price rocketing to fresh yearly highs of $13,200 yesterday.

It has since been consolidating around $13,000.

The intensity of the market’s present strength is allowing many altcoins to surge, but it remains unclear as to whether or not XRP will be able to match the momentum seen by BTC and ETH as of late.

Analyst: The Embattled Token is About to “Join the Party” as It Posts a Bullish Breakout

One analyst is noting that XRP could be on the cusp of seeing further gains as it posts what appears to be a bullish breakout.

It is important to note that this breakout is tempered, and it still faces resistance at roughly $0.28 and $0.33 – as seen on the below chart offered by the analyst.

“XRP wants to join the party. Bullish breakout,” he said while pointing to the below chart.

XRP

Image Courtesy of Crypto Rand. Source: XRPUSD on TradingView.

How the aggregated altcoin market trends in the coming few days should provide some significant insights into XRP’s outlook.

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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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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