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After a brutal -50% performance in 2019, XRP price has bounced back to start off the new year. Since the $0.17 bottom established in December 2019, the price of the third-largest cryptocurrency has rallied by 75% to over $0.30.
XRP price has shockingly jumped yesterday for more than 11.13%, and the value has been placed at $0.3143. At the time of writing, it was up by 10% to $0.33.
It seems that rising of Ripple‘s XRP could go on for a while, at least considering some medium-term.
Yesterday XRP opened at $0.2828, and over the initial 13 hours, the price was up by 7.14% and reached $0.3030. It then passed through some moderate price correction that wrote off 2.64% from the value and pulled the XRP price down to $0.2950.
However, XRP didn’t stay at that value for long, and it started rising again. By 01:41 UTC, it got up by 6.47% and crossed its key resistance of $0.30 by reaching $0.3141.
The next resistance point stands at $0.3248 and it is expected that the XRP breaches through already this weekend. Most of the analysts anticipate that the coin may soon record a price rally to a higher range from the current trading price of $0.30.
XRP Price Should Be 30% Higher?
One of the most famous crypto traders Luke Martin thinks that the coin should be around 30% higher than it is. He stated that the XRP price should be around 30 percent higher at the moment. Furthermore, he compared some other major altcoins and the gains they have added most recently.
Most of them, he says, have already made a breakout and are rising – he also mentions ETH, ADA and EOS.
$XRP should be around 30% higher.
Every other major altcoin has reached the neckline. Most already had their breakout.
— Luke Martin (@VentureCoinist) February 12, 2020
Crypto trader TraderXO said that the coin is rising in the bullish way he had expected. XRP, in his opinion, has tagged the yearly open and is now beginning to push up.
Another prominent trader on Twitter Smokey commented that XRP’s USD trading pair is breaking out of a bullish diamond pattern, and that he expects the coin to begin catching up to other major altcoins.
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 一目均衡表 (@SmokeyHosoda) February 12, 2020
Galaxy, another famous cryptocurrency analyst on Twitter, claims that the break above this level is “where the fun starts.”
This is where the fun starts for $XRP. pic.twitter.com/IzNIGhlGD9
— Galaxy (@galaxyBTC) February 12, 2020
XRP Needs to Pass Through This Key Level
As Bitcoin has successfully bounced back (at the time of writing it was $10,118), so too is expected to happen for the price of XRP.
Whatever the case, analysts have said that XRP’s latest rise is likely setting the cryptocurrency up for a bigger breakout in the coming months.
Prominent industry analyst CJ noted that XRP is “progressing nicely,” pointing to the fact that it is starting to consolidate above the 0.75 level of the current trading range, and poised to push up to the upper bound of the range at $0.315.
$XRP – Progressing nicely 🙂 pic.twitter.com/y34GYhVLJL
— CJ (@irncrypt) February 12, 2020
If it goes over this range, CJ says the cryptocurrency could rise by 27% to $0.40 and potentially another 12.5% from there to $0.45. This range high has been a key macro resistance for XRP over the past few months, making a close above this level exceedingly bullish.
More Rise for XRP is Inevitable
According to a number of analysts, it’s entirely possible that Ripple goes over $3.15.
Brave New Coin’s Josh Olszewicz recently laid out a confluence of reasons why XRP could soon break higher. First of all, XRP went over the Kumo band of the Ichimoku Cloud indicator, which predicts a bullish trend.
Also, the 200-day exponential moving average has been passed by the price of the asset. The 200-day EMA is usually considered as a key reversal point for many assets. And in the end, Olszewicz says that the cryptocurrency is looking “poised to invalidate a 700-day bearish pitchfork formation in the near future, meaning that there will be much less resistance and that the multi-year downtrend will have been broken.”