XRP price may already be ready to rise by 20% as the surging wave rises

This has been an exciting week for XRP. The token witnessed some strange chaos that allowed it to operate independently of the cryptocurrency market last weekend before once again re-establishing a strong correlation with Bitcoin.

This price action occurred when the cryptocurrency hovered around an important support level that had been established around its BTC trading pair.

The potential strength of this support has made analysts note that XRP is likely to push higher in the near future.

At the time of writing, XRP is trading slightly down 0.12% at the current price of $ 0.179, marking a noticeable increase from the recent low of $ 0.16 set with the decrease of Bitcoin to $ 5,800.

Price XRP som tang 2

The current price is where it has found some resistance in the past few weeks, with each attempt to overcome this level completely in vain.

In the short term, it's important to note that Bitcoin is likely to continue to lead other altcoins, and whether or not it can overcome resistance at $ 7,000 will indicate the synthetic cryptocurrency market. could soon be higher or not.

An interesting trend to consider in the near future is that XRP is currently at risk of losing the third largest cryptocurrency position by market capitalization to Tether.

According to data from Messari, XRP's liquid market capitalization has been lower than USDT, about 800 million dollars.

However, this data contradicts somewhat with data from CoinMarketCap - showing that XRP's Capitalization ($ 7.8 billion) is completely superior to USDT ($ 6.1 billion).

This support level could spur XRP / BTC

One factor that could significantly boost XRP in the near term is that it could soon turn previous resistance into support in the BTC pair.

Trader Crypto Michaël talked about this possibility in a recent tweet, explaining that successful protection of 2600 sts could lead to XRP up to 3100 sts - a noticeable increase from the current price of 2630 sts.

It will be interesting to see if XRP can turn this level around for support. Can assist further towards 3100 satoshi.

If the bulls defend this level and push the cryptocurrency higher, it is likely that it will maintain a market cap gap against USDT and see some gains in the short term.

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.


According to Newsbtc

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