August 18, 2020
XRP is presently moving higher alongside Bitcoin and the rest of the cryptocurrency market.
The digital asset has been struggling to breach higher than the resistance that occurs between $0.30 and $0.33, but now it seems that bulls are competing to push it past this key region.
Where it drifts, next may principally depend on whether or not BTC can maintain its brand-new position above $12,000. A failure for it to do so could lead to seeing a sharp decline back towards its $11,200 sustenance.
This would also produce a gust for XRP and other major altcoins, directing them spiraling lower in tandem.
Even though this is still a lifelike opportunity, analysts observe that XRP’s current price action has been extremely strong.
A trader has even gone so far as to note that its bull run has officially started and that numerous technical factors are now working in its indulgence.
XRP Pushes towards Key Resistance Following Bullish Technical Breakout
At present, XRP is trading up a little more than 2% at its current price of $0.31. This marks a prominent upswing from daily lows of $0.293 that were set yesterday morning.
This also indicates a small deterioration from daily highs of over $0.32 set at the peak of its current breakout.
The price region among $0.30 and $0.33 has numerous strong struggle levels through it, including one at $0.32 and one at $0.33.
Whether or not XRP can erupt in this resistance region will likely be the main factor that designates whether it can see parabolic advantage anytime soon.
An analyst stated that a bullish low-time frame resistance breakout is focusing today’s push higher.
“4h XRP looking in wonderful shape with the LTF resistance breakout,” he illuminated.
Factors that Suggest the Crypto’s Bull Run is Now Getting Started
Another analyst recently directed countless different factors that suggest upside is forthcoming for XRP.
He said that now is the “official start” of crypto’s next bull run, with its ability to regain the $0.30 level and forming a higher-high, both being bullish signs.
“XRP had its highest weekly close since the market started making a higher high for the first time in 959 days. It reclaimed the .30c level that had acted as resistance in 2017, support in 2018, and now reclaimed. This should be the official start of its bull run.”
If Bitcoin and the rest of the market create a gust that drags XRP lower, the previously battered token does appear to be well-positioned to see some stern upside.