Analysts Believe XRP May be Posed for a Large Surge as Technical Strength Grows
The aggregated crypto markets have been able to tepidly advance higher today after facing some levels of volatility earlier this week. XRP, which has now firmly gained a foothold in the lower-$0.40 region, is now slowly climbing into the mid-$0.40 region as Bitcoin nears the important $9,000 level.
Analysts now concur that XRP is incurring strengthening technicals that may allow it to surge significantly higher in the near future.
XRP Nears $0.45 as Crypto Markets Climb Higher
At the time of writing, XRP is trading up over 2% at its current price of $0.44 and is only down slightly from its 24-hour lows of $0.426, which was set late yesterday.
While zooming out and looking at the crypto’s price action over a one-week period, it is clear that the crypto has faced some significant levels of volatility in recent times.
Around this time last week, XRP was trading at roughly $0.38, from which point it rapidly surged to highs of $0.47. Although many investors were incredibly bullish at this time, XRP quickly reeled back down to lows of $0.41 after touching this price level, which coincided closely with Bitcoin’s plunge from $9,000 that sent it down to the lower $8,000 region.
Since this time, however, XRP has been able to recover from its recent lows, and it appears to have been gaining strength ever since.
The Cryptomist, a popular cryptocurrency analyst on Twitter, shared her thoughts on XRP in a recent tweet, explaining that she believes it may surge to highs of $0.51, so long as BTC doesn’t incur any massive volatility.
“$XRP: Once more we are testing resistance as reach the apex of the pennant. This looks good, I can only [see $BTC] volatility disrupting this from the first target mentioned few days ago, at 51 cents,” she explained.
Once more we are testing resistance as reach the appex of the pennant
This looks good, I can only seeing $Btc volatility disrupting this from the first target mentioned few days ago, at 51cents
Use SL loveys x https://t.co/wERjHtp83I pic.twitter.com/zc2zKS84Zh
— The Cryptomist (@TheCryptomist) June 2, 2019
XRP May Be Incurring Growing Technical Strength
As for what may fuel a potential price surge, analysts are now noting that XRP may be incurring significant technical strength that may allow it to surge higher.
Josh Olszewicz, another popular cryptocurrency analyst on Twitter, spoke about XRP in a recent tweet, noting that it is likely to surge higher in the near-future due to several bullish technical formations.
“1D $XRP (USD) – 100% bull cloud – exiting bear PF – Golden Cross – minimal VPVR res remaining – asc tri? This will likely move up soon,” he noted.
1D $XRP (USD)
– 100% bull cloud
– exiting bear PF
– Golden Cross
– minimal VPVR res remaining
– asc tri?
unfortunately, this will likely move up soon pic.twitter.com/joRN3CgSLb
— Josh Olszewicz (@CarpeNoctom) June 2, 2019
As the weekend wraps up and a fresh week of trading begins, it is probable that traders and analysts alike will garner greater insight into whether or not XRP will be able to post any massive gains in the near-future.
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