XRP price could be on the cusp of seeing further gains as it posts what appears to be a bullish breakout
XRP price has been underperforming against Bitcoin and the crypto markets for the past few days and weeks, struggling to gain any momentum as its price continues to fluctuate in the mid $ 0.2 region. . This poor performance may not last too long as it looks like XRP is currently in the process of posting a bullish breakout that could make it significantly higher in the coming days and weeks.
BTC/USD 4-hour chart | Source: TradingView
XRP price posts a bullish breakout as Altcoins begin following Bitcoin
A few strong resistance levels could slow its ascent and could cause it to lose more in the near term if the bulls fail to overcome them. It’s important to note that the lack of any real utility could further hamper its growth, while also preventing new inflows of new capital from new investors.
If it breaks past two key resistance levels in the short term, buying pressure from traders alone may be enough to make it move up. However, it is unlikely that any of the rallies it sees in the short term will be too sustainable.
XRP price struggled to match Bitcoin’s rally but started to break out
At press time, XRP is trading up just under 1% at its current price of $ 0.258. This marks a 10% gain from the recent low of $ 0.24 set just a few days ago. While XRP continued to consolidate in the $ 0.2 average area, Bitcoin was swept up in a fierce uptrend that caused its price to skyrocket to a yearly high of $ 13,200 yesterday.
Since then, it has been consolidated for around $ 13,000. The current intensity of the market is allowing more altcoins to rise in price, but it is unclear if XRP can match the dynamics BTC and ETH saw later in the year.
According to crypto analyst Crypto Rand, XRP could achieve further gains when it posts what appears to be a bullish breakout. It’s important to note that this breakout has been corrected and it is still facing resistance around $ 0.28 and $ 0.33 – as seen on the chart below provided by the analyst.
He stated:
“XRP wants to join the party. Bullish breakout.”
How synthetic altcoin market trends over the next few days will provide some significant insight into XRP’s outlook.
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