Smart Crypto News
Registration
  • Login
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
  • News
  • Personalized
  • My Folder
  • Learn
  • Contact Us
No Result
View All Result
Smart Crypto News
No Result
View All Result
Home Analysis

XRP Has “Officially Started” Its Next Bull Run After Breaking This Key Level

NewsBTC by NewsBTC
August 17, 2020
in Analysis, Ripple, XRPBTC, XRPUSD, xrpusdt
0
XRP Has “Officially Started” Its Next Bull Run After Breaking This Key Level
0
SHARES
1
VIEWS

XRP is currently pushing higher alongside Bitcoin and the rest of the cryptocurrency market.

The digital asset has been struggling to break above the resistance that exists between $0.30 and $0.33, but it now appears that bulls are vying to push it past this key region.

Where it trends next may largely depend on whether or not BTC can maintain its newfound position above $12,000. A failure for it to do so could lead it to see a sharp decline back towards its $11,200 support.

This would also likely create a headwind for XRP and other major altcoins, sending them spiraling lower in tandem.

Despite this still being a realistic possibility, analysts are noting that XRP’s recent price action has been incredibly strong.

One trader has even gone so far as to note that its bull run has officially started and that multiple technical factors are now working in its favor.

XRP Pushes Towards Key Resistance Following Bullish Technical Breakout

At the time of writing, XRP is trading up just over 2% at its current price of $0.31. This marks a notable upswing from daily lows of $0.293 that were set yesterday morning.

This also marks a slight decline from daily highs of over $0.32 that were set at the peak of its recent breakout.

The price region between $0.30 and $0.33 has multiple intense resistance levels throughout it, including one at $0.32 and one at $0.33.

Whether or not XRP can break out of this resistance region will likely be the primary factor that indicates whether or not it can see parabolic upside anytime soon.

One analyst noted that today’s push higher is being driven by a bullish low-time frame resistance breakout.

“4h XRP looking in wonderful shape with the LTF resistance breakout,” he explained.

XRP

Image Courtesy of Cold Blooded Shiller. Chart via TradingView.

These Factors Suggest the Crypto’s Bull Run is Just Getting Started 

Another analyst recently pointed to a myriad of different factors that suggest upside is imminent for XRP.

He said that the crypto has now marked the “official start” of its next bull run, with its ability to reclaim the $0.30 level and forming a higher-high both being bullish signs.

“XRP just had its highest weekly close since the market started making a higher high for the first time in 959 days. It reclaimed the .30c level that had acted as resistance in 2017, support in 2018, and now reclaimed. This should be the official start of its bull run.”

Image Courtesy of Pentoshi. Chart via TradingView.

Unless Bitcoin and the rest of the market creates a headwind that drags XRP lower, the previously embattled token does appear to be well-positioned to see some serious upside.

Featured image from Unsplash.
Charts from TradingView.
0
0

Related posts:

No related posts.

Previous Post

Bitcoin Dominance Readies Deadly Blow Against Altcoins, Indicator Says

Next Post

Tezos Needs to “Take Out” This Key Level to Avoid a Sharp Downturn

NewsBTC

NewsBTC

Next Post
Tezos Needs to “Take Out” This Key Level to Avoid a Sharp Downturn

Tezos Needs to “Take Out” This Key Level to Avoid a Sharp Downturn

Twitter
About Us
Contact Us
Terms of Service
Privacy

Subscribe to our Newsletter

Download our APP on Google Play

© 2020 Smart Crypto News

No Result
View All Result
  • News
  • Learn
  • Personalize
  • Registration
  • Login
  • Contact Us

© 2020 Smart Crypto News

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In