XRP price is likely to target $ 0.5 in the near-term
XRP price has been moving in tandem with Bitcoin and the cryptocurrency market throughout the past few days and weeks. In it, XRP has, for the most part consolidating in the $ 0.2 average area as it continues to find support in the lower $ 0.2 zone and resistance around $ 0.3.
This price volatility did little to serve the cryptocurrency’s short-term outlook, and it appears that where its next trend will depend mainly on where Bitcoin and other major altcoin trends in the near term. Despite the weakness seen in recent weeks, it is essential to note that it is still flaring some signs of strength.
XRP price shows strength signs as analysts expect performance
At press time, XRP is trading at around $ 0.245, up more than 4% over the past 24 hours. XRP was caught in a consolidation pattern as it formed a tight range between $ 0.23 and $ 0.245, which of these first breaks can provide insights into its short-term outlook.
Analyst Credible Crypto explains he believes XRP will outperform Ethereum in the near term due to its substantial technical outlook.
People are starting to take notice 😏 I’ll say it again- expect $XRP to outperform $ETH over the coming months. Has nothing to do with fundamentals or my affinity towards either coin- just the charts, plain and simple. https://t.co/k8aY58Znh3
— Credible Crypto (@CredibleCrypto) September 8, 2020
While talking about the technical outlook of XRP, analyst Capo of Crypto explained that XRP might be well-positioned to see a massive price surge in the short term. He shows a chart that shows the recent drop is simply a re-test of the uptrend, followed by a strong bull run leading to $ 0.5 in the short term.
The chart above also shows that a break above $ 0.50 could be enough to take it to its other key resistance zones at $ 0.92 and $ 1.18. For this to happen, Bitcoin and the rest of the cryptocurrency market must remain strong in the near term.
Will Ripple beat Bitcoin and Ethereum on leading market recovery?
The cryptocurrency total market cap was up over 80% year to date at the 2020 high, but has since taken a breather after an especially hot summer. At the start of the breakout in July, XRP beat out other altcoins and the top-ranked cryptocurrency in week-over-week performance.
Once again, things have since cooled off for Ripple, but it could be the calm before the storm. XRPBTC and XRPETH price charts both are potentially signaling a repeat fo Ripple leading the way for the crypto market.
XRPBTC & XRPETH Weekly Relative Strength Index | Source: TradingView
Along with a massive falling wedge pattern on both pairing’s price charts, there are also several bullish divergences. Each low put in was also characterized by a wick below the trendline to shake out traders before the actual move takes place.
Zooming out further to monthly timeframes, each has triggered a TD 9 or 13 buy signal at the bottom of what has been an extended downtrend against the two top assets in the space.
XRPBTC & XRPETH Monthly TD Sequential Indicator | Source: TradingView
With all of these technicals pointing to an XRP breakout against both Bitcoin and Ethereum, and past evidence showing that Ripple was the first to pump, a major rally in crypto could soon be here.
- The Support Between $0.22 And $0.24 Is Quite Significant And May Allow XRP Price To Rally Higher In The Days And Weeks Ahead
- Blockstream CEO Adam Back Attacks XRP And LTC In The Light Of The SushiSwap Disaster