XRP is ready for a massive 100% price surge as technical strength increases

XRP can increase prices by 100 times

The large rally earlier this week by XRP seemed to be just a flash, as Ripple's token has now retreated below important psychological resistance at $ 0.3, which opens the door for a more bearish rally. more in the short term.

However, it is important to note that the token's current weak signals mainly stem from a market-wide slump - which was caused by Bitcoin's $ 10,000 drop.

However, as the plummet of the cryptocurrency market subsided, a leading trader emphasized that XRP could witness a massive rally - pushing the price to nearly 100%, and that was driven. by growing technical power.

XRP plummeted below $ 0.3 when the bears took control

At the time of writing, XRP is trading more than 10% down at its current price of $ 0.28 - marking a major retreat from the daily high near $ 0.33.

The world's third largest cryptocurrency is currently in the process of eliminating most of the gains made in the recent rally - which led to a peak of nearly $ 0.36, with the inability to find stability. Around this price action.

Nik Patel - a famous trader, explained in one blog posts Recently, the token could surpass the resistance formed in June 2019.

“Looking at the XRP / USD pair on the weekly time frame, we can see the price broke the resistance on the trendline from June 2019 a few weeks ago with strong volume, and has now found the level of The resistance at the previous highest level was $ 0.36, ”he explained.

In order for XRP to surpass this resistance, we need to see some further momentum of Bitcoin.

Can technical power push XRP up 100%?

Patel also noted that he believes XRP will eventually see some significant upward momentum, with the medium-term goal currently existing at a high level in June 2019 of $ 0.56.

"Volume continues to rise and I'm sure with the belief that a sharp drop is to buy, with the ultimate goal of a high of $ 0.56 from June 2019," he emphasized.

He went on to explain that the cryptocurrency is currently consolidating above the 200-day moving average and that the major support protection at $ 0.27 could spark a short-term movement up to zero, 36 USD.

For XRP's $ 0.56 rally to be highly likely in the coming weeks / months, it is imperative that Bitcoin create some noticeable short-term gains.

Maybe you are interested:

Join our channel to stay up to date on the most useful news and knowledge at:

According to NewsBTC
Translated by ToiYeuBitcoin


seo marketing wordpress seo seo hosting seo and marketing word press seo wordpress and seo wordpress marketing hosting seo seo press pro market seo seo & marketing seo e marketing e marketing seo seo pro wordpress marketing & seo seo di wordpress wordpress seo host hosting and seo wordpress hosting seo wordpress seo wordpress wordpress for marketing seo press wordpress marketing for seo