The coin is ready for a rally of 50% when technical strength appears

XRP has seen remarkable growth over the past few days, with its price rising alongside Bitcoin and most of the other major cryptocurrencies. This has driven the token up to $ 0.20, where it faces some intense short-term resistance.

However, analysts do not believe that this resistance will hold for too long, as the cryptocurrency has been able to form some relative technical strength capable of leading it higher for days and weeks. next.

Regarding how high this looming rally could lead to XRP, an analyst noted that it could be up to 50% higher than Bitcoin, which would mark a parabolic movement between the recent lows. its.

XRP exploits resistance as the cryptocurrency market consolidates

Bitcoin and the cryptocurrency market have been involved in another sideways transaction, mainly stemming from BTC's inability to surpass the resistance of $ 7,500.

Because BTC has been setting the tone for major altcoins like XRP, ETH and other trends, whether it can continue to rise higher or not will largely depend on BTC.

XRP is currently consolidating below its resistance at $ 0.20, with its many efforts today to overcome this level as a bullish sign.

Analysts agree with this concept, since many well-known traders have noted today that they predict it will see some added gains in the short term.

Trader nicknamed TraderSmokey came up with a chart above twitter shows he's ready to Long if the cryptocurrency crosses its current resistance level, with a bullish target sitting around February highs.

A protest may be imminent

This is not the only bullish sentiment on XRP currently being given by analysts, Bagsy - another well-known trader - explained in a tweet that he believes XRP could soon rise in the pair. XRP / BTC transactions.

Currently, XRP is trading at 0.00002730 sats and the price target on the chart above is at 0.000041 BTC, which will mark a 50% increase from the current price.

This potential movement will also bring XRP to the highest price compared to BTC it has seen since October 2019, which is the period of time that the cryptocurrency can remain stable around $ 0.30. while Bitcoin dropped to $ 6,700.

You can see the price of XRP here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Tô Đông Pha

According to NewsBTC

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