Much to investors’ surprise, XRP has been one of the top performing cryptocurrencies of the past day, with the bulls taking full control of its price action after breaking above its 0 trading range. , $ 20 and $ 0.30.
It is now turning parabolic, with the bulls erasing its recent trend of underperformance as they aim to push it higher towards $ 0.50 in the near term.
XRP appears to be finding some resistance around its current price region which could slow its ascent and cause it to consolidate in the near term.
It is important to note that there is no fundamental reason behind this recent recovery, as the cryptocurrency still lacks adoption and still has a long way to go before its valuation is fully justified.
It is possible that the continued resurgence of the crypto market will attract more business attention in the market, which could make it easier for Ripple to direct users to their XRP-related products.
A trader now expects the token to rise further, turning to $ 0.46 as a near term target.
This would mark a rise of more than 10% from its current price point and could be where it will rise in the short term before finding resistance.
XRP ramps up as bulls take control
The past few years have been tough for XRP as the cryptocurrency has been caught in one of the most intense sideways trading fights seen by the entire market.
Medium-term crypto trends may depend largely on its reaction to its recent breakthrough, as some traders may view this as an exit opportunity.
As of this writing, XRP is trading over 23% at its current price of $ 0.41. This is about the price he traded for the last few hours. Staying above this level could give it a serious boost in the medium term.
Here’s why it might soon increase even more
An analyst believe that the besieged token still has room for additional short-term gains.
It is specifically monitoring a rise towards $ 0.46, noting that this is the next key resistance level it faces.
“XRP Update: I love it when a transaction works that fast. I think we’ll see a 0.38c indent from here, followed by another 0.46c step.
Image Courtesy of Bagsy. Source: XRPUSD on TradingView.
The next few days will let us know if XRP is positioned to see more on the upside in the days and weeks to come or if this ongoing rally will be heavily sold.
Featured image from Unsplash. Charts from TradingView.