The crypto markets are currently caught within an intense uptrend that echoes the feeling of the early stages of the 2017 rally, with altcoins like XRP and others following Bitcoin’s lead and posting massive gains on a daily basis.
XRP, which was one of the worst performing major altcoins in 2019, is now shaping up to see an amazing 2020, with the crypto being on the cusp of breaking above a historically significant level.
Furthermore, it’s latest rally has also allowed it to break above an intense multi-year descending resistance level that had been suppressing its price action, leading some analysts to expect a parabolic movement in the near future.
XRP is About to Fly Past $0.30 as the Crypto Market Grows Bullish
At the time of writing, XRP is trading up just under 8% at its current price of $0.299, just a hair below the $0.30 level, which has long been a psychologically important level for the cryptocurrency.
If it is able to break through the apparent resistance that exists at this price region, it is highly probable that its momentum will reach a boiling point and potentially balloon in size as investors begin rushing into positions.
Smokey, a prominent trader on Twitter, explained in a recent tweet that XRP’s USD trading pair is breaking out of a bullish diamond pattern, and that he anticipates the crypto to begin catching up to other major altcoins.
“XRP: BTC Pair level defended on a closing basis and really nice bounce, USD Pair breaking out of the diamond pattern. Beautiful stuff. Expecting XRP to want to catch up with other majors,” he explained while referencing the charts seen below.
BTC Pair level defended on a closing basis and really nice bounce, USD Pair breaking out of the diamond pattern.
Beautiful stuff. Expecting XRP to want to catch up with other majors. pic.twitter.com/SMocyrlIzM
— Smokey (@TraderSmokey) February 12, 2020
This Rally May Soon Turn Parabolic
In addition to being bolstered by strong technical formations, the crypto was also able to break above a key descending resistance level that had previously been hampering its price action.
Galaxy, another prominent cryptocurrency analyst on Twitter, explained in a recent tweet that the break above this level is “where the fun starts.”
“This is where the fun starts for XRP,” he said while referencing the trendline seen on the below chart.
— Galaxy (@galaxyBTC) February 12, 2020
Because the crypto markets are in what appears to be the early-stages of a bull-favoring macro trend shift, it does seem as though altcoins like XRP could soon see significantly further momentum that allows them to put some significant distance between their year-to-date lows.
Featured image from Shutterstock.