Much to the chagrin of XRP investors and enthusiasts, Ripple’s price has been somewhat stagnant over the past few months, rising to recent highs of just below $0.50 from its year-to-date lows of below $0.30.
Although these gains are certainly nothing to be frowned upon, they are rather small as compared to the 300%+ gains that Bitcoin and many other cryptocurrencies have incurred from their 2019 lows; but XRP may soon surge higher and catch up to other cryptocurrencies.
Ripple Price Struggles to Break Above $0.50, But Bulls May Soon Step Up
Over a one-week period, XRP is trading up from lows of $0.42, which was a price at which the cryptocurrency was trapped at for an extended period of time while the rest of the crypto markets were surging higher.
The Cryptomist, a popular cryptocurrency analyst on Twitter, noted in a recent tweet that XRP will likely require a little more time before it incurs enough selling pressure to lift off and climb higher.
“$XRP: The 48 cents from yesterday’s post holding as strong resistance thus far. We did wick up to 50 cents but fell back to resistance. We may find a bit of ground before take-off, just be patient,” she said.
The 48 cents from yesterdays post holding as strong resistance thus far
We did wick up to 50 cents but fell back to resistance
— The Cryptomist (@TheCryptomist) June 23, 2019
As for where a break above $0.50 could lead XRP in the near-term, Harry, another cryptocurrency analyst who focuses primarily on XRP, said in a recent tweet that the next target for Ripple exists at $0.55.
“$XRP traders target is now $0.55c – should have been buying the dips as we moved into accumulation advance, lets go x,” he noted.
$XRP traders target is now $0.55c – should have been buying the dips as we moved into accumulation advance, lets go x
— Harry (@HaraldoXRP) June 22, 2019
Analyst: After Hitting $0.55, XRP May Target $1.00
Assuming that the analysts’ assessments are accurate, and Ripple does target $0.55 next, a sudden influx of buying pressure could allow it to surge significantly higher, possibly leading it towards $1.00
“$XRP: $1 Target begins with this weekly resistance break,” The Cryptomist also noted in a recent tweet.
$1 Target begins with this weekly resistance break
— The Cryptomist (@TheCryptomist) June 22, 2019
As the weekend wraps up and a fresh week of trading begins, it is highly likely that analysts will soon understand whether or not XRP will once again get caught in a pattern of consolidation, or if it will begin surging significantly higher in the near-future.
Featured image from Shutterstock.