This Single Chart Suggests XRP May Rally Up Towards $0.50
XRP has been moving in close tandem with Bitcoin and the aggregated crypto market throughout the past few days and weeks, with the crypto largely consolidating within the mid-$0.20 region as it continued finding support in the lower-$0.20 region and resistance around $0.30.
This price action has done little to offer insight into the cryptocurrency’s near-term outlook, and it does appear that where it trends next will depend largely on where Bitcoin and other major altcoins trend in the near-term.
Despite the weakness seen in recent weeks, it is important to note that it is still flashing some signs of strength.
One analyst believes that XRP will outperform Ethereum in the mid-term, noting that there are a plethora of bullish factors underpinning its current technical outlook.
Another trader recently put forth a chart showing how he sees the cryptocurrency trending in the near-term. If his outlook comes to fruition, the cryptocurrency will soon rally up towards $0.50 in the near-term.
XRP Shows Signs of Strength as Analysts Expect Outperformance
At the time of writing, XRP is trading up just under 2% at its current price of $0.24. This is around the price at which it has been trading at for the past couple of days.
It has been caught within a consolidation pattern, with it forming a tight range between $0.23 and $0.245. Which of these levels is broken first may provide significant insights into its near-term outlook.
One analyst explained that he believes XRP will outperform Ethereum in the near-term due to its strong technical outlook.
“I’ll say it again – expect XRP to outperform ETH over the coming months. Has nothing to do with fundamentals or my affinity towards either coin- just the charts, plain and simple.”
Analyst: The Token is Likely to Target $0.50 in the Near-Term
While speaking about the cryptocurrency’s technical outlook, one analyst explained that XRP may be well-positioned to see major upside in the near-term.
He put forth a chart showing that the recent drawdown is simply a bullish retest, which will be followed by a strong upswing that leads it up towards $0.50 in the near-term.
This can be seen in the below chart:
Image Courtesy of il Capo of Crypto. Chart via TradingView.
The above chart also shows that a break above $0.50 could be enough to send it towards its other key resistance regions at $0.92 and $1.18.
For this to occur, it is imperative that Bitcoin and the rest of the crypto market also remain strong in the near-term.
Featured image from Unsplash. Charts from TradingView.