Ripple XRP set to rally to new 2020 high
04 Feb 2020
Ripple XRP recently traded above the $0.2550 and $0.2600 resistance levels.
In addition, the cryptocurrency hit a new 2020 high reaching $0.2614, before correcting lower.
That said, the $0.2450-$0.2460 area range provided a robust support and the price stayed stable over the 100 hourly simple moving average, News BTC reports.
XRP has been on something of a downward trajectory for quite some time. Even when the general cryptocurrency market rallied last year, Ripple’s descent continued.
This fall has lasted just over two years, but now appears to be breaking and preparing itself for a pump, as reported by Coinspeaker.
Should this occur, there is every chance there could be a bull run getting underway over the next few weeks.
According to crypto trader Galaxy, XRP appears ready to rally higher towards the $0.28 level, indicating a clear uptrend. XRP has also broken through a number of key resistances, resulting in a bullish pattern.
In addition, analyst Credible Crypto stated there’s a similarity between the price action of XRP in January 2018 and Bitcoin in February 2019.
Over that time, reports The Currency Analytics, Bitcoin surpassed two resistance retests and two resistance supports, with XRP trading in a similar pattern.
Should it mirror the same trajectory as Bitcoin, there would be another inbound dip, with the price rising after the dip, which could increase to beyond $0.30.
XRP’s overall outlook is changing, which many crypto analysts say may have started last year when the digital currency made specific XRP-forward advances.
One of the largest of these initiatives is Ripple’s partnership with MoneyGram. Last year, Ripple invested $50 million into the global payment firm in two stages, giving Ripple close to a 10% stake in MoneyGram.
As XRP’s adoption increases, many analysts remain bullish, even citing a $145 prediction for the cryptocurrency this year.