If successfully flipped into support, XRP price rocketing up towards $0.475 in the near-term

XRP has been developing in parallel with Bitcoin and Ethereum recently. This correlation shows the XRP price tended to go down last week, before entering a prolonged consolidation. At the time of writing, XRP is hovering around $ 0.288, up slightly marginally over the past 24 hours.

XRP price remains stuck below $ 0.3 as selling pressure increases

The current milestone marks a slight uptick from the recent low of $ 0.27 that was set earlier this week. Even so, XRP is still struggling to attract any apparent momentum in the near term.

Some analysts believe that XRP is on the cusp of confirming a significant historical resistance level – support. If it turns into support successfully, there is a high probability that XRP could soon see a spike to $ 0.475 in the near term.

The current $ 0.28 zone is where XRP has been traded throughout the past week, as both buyers and sellers come to a standstill. This lack of momentum is primarily rooted in the lackluster price action of both Bitcoin and Ethereum. And while XRP is still highly correlated with the two cryptocurrencies mentioned above, its growth momentum is still tightly controlled. So whether XRP can go higher or not depends on their trend in the near term.

But don’t worry too much, because anyway, this is still a good omen for cryptocurrencies. Because both Bitcoin and ETH are showing some positive signs today.

While Bitcoin was slowly rising towards the $ 12,000 resistance, Ethereum was able to attract a massive influx of buying pressure causing it to skyrocket past $ 400. If it stabilizes above this level, it could create a gust of wind. Bitcoin – and XRP – are higher in the coming days.

After a while watching the XRP chart, analyst Pentoshi said he is profoundly hopeful that the parabolic rally will push the XRP price to $ 0.475 in the short term. He believes this move will occur due to the strong support of $ 0.28 – as this was previously a stiff resistance to XRP.

If established as strong support over a long period, this threshold can act as a springboard to bring the XRP higher.

He shared:

“XRP: Still consolidating around this ever so important S/R that dates back 3 years. Ultimately expecting this to move up over the next few months at it’s own pace. Eyes on .475 in the coming weeks.”

xrp-price-rocketing-up-towards-0-475-in-the-near-term

For this to become a reality, XRP must be moved higher in the short term by both Bitcoin and Ethereum.

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