2020-2-6 03:29 |
XRP incurred a significant amount of upwards momentum over the past couple of days, which came about as Bitcoin and other major altcoins faced turbulence that put their recent uptrend at risk of being invalidated.
It now appears that XRP was front running the general crypto markets, as BTC and other cryptos all incurred significant momentum today.
XRP’s recent bullishness has allowed it to break above a key multi-year downtrend that had been suppressing its price, which could signal that the cryptocurrency is about to go parabolic.
XRP Breaks Through Multiple Key Levels, But This One Resistance Level RemainsAt the time of writing, XRP is trading up just under 4% at its current price of $0.275, which marks a slight decline from its daily highs of $0.28 that were set yesterday afternoon.
Although the crypto has declined slightly from its daily highs, it is important to note that it has been able to bounce from lows of $0.27, and it appears to be ranging in between these two levels.
In the near-term, $0.28 is a critical level that the token needs to break above in order for it to see further upside, as a failure to climb above this level could suggest that the cryptocurrency’s ongoing rally is fundamentally weak.
“XRP USD Pair: Currently testing the .28 Cent weekly resistance. Like I mentioned before, this is, imo, the most important level for XRPUSD. Daily not diverging yet, very bullish. Weekly now will tell us if it’s simply a macro bearish retest or if $XRP is ready for a larger move,” TraderSmokey, a popular cryptocurrency analyst on Twitter, said in a recent tweet.
$XRP USD Pair
Currently testing the .28 Cent weekly resistance
Like I mentioned before, this is, imo, the most important level for XRPUSD
Daily not diverging yet, very bullish.
Weekly now will tell us if it's simply a macro bearish retest or if $XRP is ready for a larger move pic.twitter.com/FVMrKztyuN
— TraderSmokey (@SmokeyXBT) February 5, 2020
One factor that could help the cryptocurrency blast past through this resistance is the fact that it recently broke above a bearish multi-year descending resistance level.
The Cryptomist, a prominent cryptocurrency analyst on Twitter, spoke about this in a post, telling her followers that the next key resistance she is watching for exists at $0.33.
“XRP: Is the fan club for this still here? Weekly resistance since Feb 2018 is broken! There is reason for this to run. Next resistance test is 33 cents. I will be looking for entry,” she explained.
$Xrp
Is the fan club for this still here?
Weekly resistance since Feb 2018 is broken!
There is reason for this to run.
Next resistance test is 33 cents.
I will be looking for entry pic.twitter.com/JtRSi9M0kB
— The Cryptomist (@TheCryptomist) February 5, 2020
In the near-term, whether or not the crypto is able to see further momentum will likely hinge on how it responds to $0.28, with a break above this level potentially sparking significantly further momentum.
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