XRP price gained approximately 50% in the past two weeks, poised to move higher should it break a critical resistance
XRP price has risen around 50% in the past two weeks, following Ethereum on its steeper rise higher. In it, there are many opinions that this altcoin is ready to move higher if it breaks key resistance.
XRP price could cause a spike
According to crypto trader JJCycles, the breakdown of the $ 0.321 resistance level on a weekly scale will trigger a noticeable higher gain. He specifically mentioned that a 45.6% increase to $ 0.468 could come within a few months.
— 𝕁𝕁𝕔𝕪𝕔𝕝𝕖𝕤 🔄 (@JJcycles) August 7, 2020
Also, driving Bitcoin’s bullish case is the optimism some have when it comes to Stellar Lumens (XLM). Many documents claim that XRP’s price action is almost identical to that of XLM (and vice versa).
Trader Inmortal Technique recently noted that considering XLM’s recent price action and trading volume, and it is likely to initiate a long-term uptrend:
“$ XLM is still one of my favorites. Broke +350 days of accumulation range. Good volume expansion in the breakout. Break-in market structure. Currently retesting the accumulation range and making a new higher low.”
XRP’s price action may depend on Bitcoin’s price action due to the correlated nature of the cryptocurrency market. Unfortunately for the XRP bulls, analysts are starting to depreciate BTC as the leading digital asset plunges.
Commenting on Bitcoin’s medium-term outlook considering its recent price action, one analyst said:
It was the same trader who assumed that Bitcoin could drop to $ 9,000 and potentially lower last week, citing the CME gap and the price rejection at $ 11,500 – $ 12,000. If Bitcoin retreated further from current levels, it is unlikely that XRP will tend to green in the long run.
- Ripple Is Spotted Transferring 20 Million XRP To Binance While Another 20 Million XRP Was Sent Between Its Wallets
- XRP Price To See Some Notable Near-Term Downside, As Low As $ 0.212 Before It Can Surge Any Higher