The awakened bulls revived XRP +12%, targeting $ 0.5 (+140%) in the short term
XRP is one of the worst-performing cryptocurrencies throughout 2019, ending the year with a drop of more than 40%. Today, however, the bulls seem to have awakened, generating significant buying activity that revived the token, allowing it to soar by 12%.
Source: Trading View
This growth also marks the first time in weeks that the cryptocurrency can rise above $ 0.20. This is the previous support level that has turned into an impossible resistance after the price first broke below it.
This movement has led some analysts to conclude that XRP will soon see even more significant price increases, potentially increasing 140% to reach the $ 0.5 mark in the near future.
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XRP skyrocket from recent lows as the bulls awoke, leading the market rally
At the time of writing, XRP is trading up nearly 12% with the current price of $ 0.22, marking a noticeable increase from the daily low of $ 0.125.
The day’s rally of cryptocurrencies took place in tandem with the broad recovery seen in synthetic cryptocurrency markets, led by Bitcoin pushed to key resistance at $ 7,600 and approaching the psychological level of $ 8000.
XRP was able to significantly outperform Bitcoin today, as it is currently trading up to more than 6% in the BTC trading pair and now one of the best performing cryptocurrencies on the market.
Analyst Harry shared the token price action from early today, explaining that XRP almost sees some fizz that is likely to lead it significantly higher.
— Harry (@HaraldoXRP) January 6, 2020
The target 140%
Many XRP investors have felt angry and indignant over XRP’s overcoming long-standing situation when a series of controversies surrounding the token’s close relationship with fintech firm Ripple and adverse price action made it one of the worst.
The headline rally today has led some analysts to believe that the negative action has ended and that XRP may be ready to increase the price significantly in the short-term.
Big Cheds, another famous analyst, thinks it’s the result of a Bollinger Bands pinch.
— Big Cheds (@BigCheds) January 6, 2020
Toward XRP’s destination, analyst DonAlt noted that the cryptocurrency could see a more significant momentum, with a potential target of $ 0.5, which will mark an increase of about 140% from its current price.
Finally hit my long term target, I bought (& posted about it) a few days ago but want to start a solo thread for it.
Long term support with XRP haters gloating at all-time high is good enough place for me to gamble on a swing long position. pic.twitter.com/5hCqQfKSZ7
— DonAlt (@CryptoDonAlt) January 6, 2020
Trader Brian Beamish also has a bullish view for XRP but a slightly lower target of $ 0.30 (+ 36% from the current price).
The reason is that XRP indices have started to skyrocket according to his trading, concluding that XRP could reach $ 0.3 in the next few weeks, possibly by the end of March.
— Brian Beamish (@CRInvestor) January 6, 2020
If they do not want this rally to be just a bailout pump, the bulls need to do more so that recent lows mark the long-term bottom for XRP.
XRP price today. Source: Coinmarketcap
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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