The recent Bitcoin price surge sent shockwaves throughout the entire crypto markets that led virtually all cryptocurrencies to experience some sort of price gains – to varying degrees. Ethereum (ETH) and Ripple (XRP) both surged, but are currently pushing up against resistance levels, and will likely be closely tracking Bitcoin’s price action in the near-future.
Despite the current resistance levels, prominent crypto analysts believe that these two cryptocurrencies will both see further gains in the near future as the overall market conditions begin to change for the better.
Ripple (XRP) Breaks Above Previously Established Resistance Level
At the time of writing, Ripple (XRP) is trading up just under 7% at its current price of $0.362. Over the past 24-hours, XRP has climbed from lows of $0.335, but is down slightly from highs of $0.37.
Over the past month, Ripple has been caught in an incredibly tight trading range between approximately $0.30 and $0.33, with the latter price proving to be a strong level of resistance for the cryptocurrency.
The recent upwards break above this price level was certainly positive from a technical perspective, but it is still important to note that XRP currently appears to be facing some levels of resistance in the $0.36 region.
Whether or not it is able to break above this price level and continue climbing likely depends on which direction Bitcoin moves in the near future.
DonAlt, a popular cryptocurrency trader on Twitter, recently spoke about Ripple, explaining that he believes it looks good from a technical perspective, and that it will likely outperform all other major altcoins if altseason truly begins and it starts surging.
“$XRP Looks like we’re getting $589 after all. In all seriousness, this looks pretty good. If we’re truly going to get an alt season and this breaks out it’ll outperform most if not all other majors. I used the dip today to get a bag with spare BTC I had lying around,” he explained in a tweet.
Looks like we're getting $589 after all.
In all seriousness, this looks pretty good.
If we're truly going to get an alt season and this breaks out it'll outperform most if not all other majors.
I used the dip today to get a bag with spare BTC I had lying around. pic.twitter.com/LqqYaOx9W4— DonAlt (@CryptoDonAlt) April 2, 2019
Analyst: Ethereum (ETH) Likely to Surge Towards $190 If it Holds Above $170
At the time of writing, Ethereum is trading up over 11% at its current price of $173. ETH is up significantly from its weekly lows of $139, and is only down slightly from its daily highs of $175.
Ethereum, which has – like all major cryptocurrencies – been closely following Bitcoin’s price action, appears to have garnered additional buying pressure today that may allow it to climb higher, despite facing some levels of resistance in the low $170 region.
Cryptoeasy, another popular cryptocurrency analyst on Twitter, spoke about ETH’s price action, and notably explained that he believes its next price target exists somewhere in the $190 region, assuming that it is able to continue holding above $170.
“$ETH dips are for buying. I was one of the losers that took profit last night, so I’ll be looking to add if we get lucky enough. Next logical target on a break of resistance is $17x —> $19x,” he said.
$ETH dips are for buying
I was one of the losers that took profit last night, so I’ll be looking to add if we get lucky enough
Next logical target on a break of resistance is $17x —> $19x pic.twitter.com/xHe4ZJeUzB
— ₿-Eazy ? (@cryptoeazy) April 2, 2019
Traders who are looking to profit from altcoin volatility should closely watch Bitcoin’s price action, as it will likely be the determining factor on whether or not cryptos like Ethereum or Ripple surge or fall in the near future.
Featured image from Shutterstock.
