XRP price recent break above $0.22 has opened the gates to see a moonshot rally that sends it significantly higher
XRP price has witnessed some slight increases recently but is still lagging behind many of its peers. While Bitcoin, Ethereum, and many altcoins are posting strong volatility that has brought them into the full-growth market territory, XRP is still stuck in the area below $ 0.2.
The technical outlook of XRP price is growing more robust after the latest fluctuations
Its struggling price is mainly due to the lack of interest from traders and investors, with the market capitalization still stagnating in recent times – suggesting that while previous holders maintaining their position, there is a shortage of new capital. This trend may change shortly, however, when an analyst noted that its recent breakout above $ 0.22 opened the gate for it to see a—big love.
This impending uptrend could be further strengthened by the ability to surpass the 200-day SMA for the first time since February. Previous breaks above this critical technical level catalyzed noticeable uptrends.
At press time, XRP is trading just under 1%, with the current price of $ 0.225. This marks a notable escalation from the weekly low below $ 0.21 that was set in a sharp sell-off seen yesterday. XRP has strengthened after hitting a high of $ 0.23 yesterday, and it looks like there is some noticeable resistance at this level.
While generally still correlated with the cryptocurrency market, the price of the mounted token is often worse than both Bitcoin and Ethereum in both the uptrend and the downtrend. This can be seen while looking at its recent price action.
While it is still stuck in the lower $ 0.20 area, BTC is currently flying past $ 11,000, and Ethereum has gained a foothold in the lower region of $ 300.
One technical factor that could give XRP some momentum shortly is the recent breakout above the 200-day SMA.
While talking about this breakthrough, analyst Cheds noted that this is the first time it has passed this level since February.
“XRP (USDT) Daily chart – First close above the SMA 200 since February.”
$XRP (USDT) Daily chart – First close above the SMA 200 since February #Ripple #TheStandard pic.twitter.com/csIKKcQbCU
— Cheds (@BigCheds) July 26, 2020
Cheds’s Chart | Source: TradingView
Crypto analyst Rand also gave a positive outlook on XRP, explaining that $ 0.22 is a significant level to watch for shortly. He told that a break above this level might be all that is needed for it to see a moonshot rally that could cause it to rise higher.
He said:
“If XRP breaks 22 cents again. Expect another moonshot. ”
Because it has broken above this level and has even set some support here, it seems the next price hike may be imminent.
Read more:
- A Sell Setup Has Perfected After Today’s Push Higher – Could This Be The End Of XRP Price Recovery Already?
- Ripple Made Several Transactions, Totaling 98 Million XRP, While Its ODL Partner Moved Half That Amount