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XRP price could soon erupt higher to $0.4 once it consolidates around the pivotal $0.3 horizontal for number of weeks

Over the past 24 hours, many aspects of the altcoin market have gone higher as Bitcoin and Ethereum have entered a pattern of short-term consolidation. Meanwhile, Chainlink has posted 40% performance a day at a time in the last 24 hours. Many other altcoins, even different large caps, have similarly posted impressive performances. But with XRP price is the opposite.

XRP price did not participate in the rally lately but is likely to increase by $ 0.4

According to CoinMarketCap, XRP price increased only 0.40%, less than 1.2% performance of Bitcoin. However, analysts believe that this asset will soon rise higher.

According to crypto trader Credible Crypto, XRP could soon climb higher to $ 0.40 once it consolidates around the key $ 0.30 levels for some weeks. The chart below shows that XRP is likely to consolidate above the $ 0.27 – $ 0.285 support band before extending to the target, as mentioned above, 33% higher than the current price.

xrp-price-could-soon-erupt-higher-to-0-4

Another trader noted that the breakout of the $ 0.321 resistance by XRP on a weekly scale could trigger a massive rally higher. The trader specifically commented that a move of 45.6% is convertible to take the asset to $ 0.468.

Bitcoin can decide the price action of XRP in the future.

Luckily for altcoin bulls, analysts are optimistic about the outlook for BTC. Data shared by a trader shows that the funding rate of Bitcoin perpetual futures has returned to “neutral” after spiking last week. This indicates that shorts and trousers are currently being overused, causing fuel assets to spike.

Matt Maley, the chief market strategist for Miller Tabak + Co, also told Bloomberg that Bitcoin’s chart shows more bullish potential:

“The break above $10,000 is very compelling and should lead Bitcoin higher… It might be able to work off this condition with a sideways correction, but its upside potential is limited over the next week or two.”

However, it is still unclear which direction the top cryptocurrencies gather.

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