XRP Breaking Past This Crucial Resistance Could Trigger 45% Rally: Trader
XRP has gained approximately 50% in the past two weeks, following Ethereum on its steep rally higher. Analysts think the altcoin is poised to move higher should it break a critical resistance.
Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, ETH’s DeFi Space Still in Vogue
XRP Breaking This Pivotal Rally Could Trigger Notable Surge
According to a cryptocurrency trader, XRP breaking the $0.321 resistance on a weekly scale will trigger a notable surge higher. He specifically mentioned that a 45.6% move to $0.468 could take place over the course of months.
Chart of XRP's macro price action since the middle of 2016 by crypto trader "JJCycles" (@JJCycles on Twitter). Chart from TradingView.com
Also boosting Bitcoin’s bull case is the optimism that some have about Stellar Lumens (XLM). It is well-documented that the price action of XRP closely traces that of XLM (and vice-versa).
As reported by NewsBTC previously, one trader noted that considering XLM’s recent price action and trading volume, it is likely at the start of a longer-term bull trend:
“$XLM is still one of my favorites. Broke a +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.”
Chart of XLM/BTC macro price action with analysis by trader Inmortal Technique (@Inmortalcrypto on Twitter). Chart from TradingView.com
Related Reading: Coinbase Takes DeFi Focus as it Looks to List 19 New Crypto Assets
All Eyes on Bitcoin
XRP’s price action may be dependent on that of Bitcoin due to the correlated nature of the cryptocurrency market.
Unfortunately for XRP bulls, analysts are starting to flip bearish on BTC as the leading digital asset slides lower. As of this article’s writing, Bitcoin is trading for $11,450 — below the critical $11,500 support for the first time in a number of days.
Commenting on Bitcoin’s medium-term outlook considering the recent price action, one analyst wrote:
“$BTC & $ETH. HTF Resistances. I’m only considering 12k+ btc prices once it closes convincingly above the HTF mid range. Until then, expecting lower prices to get back fully into bitcoin and possibly eth.”
This same trader postulated that Bitcoin could fall to the $9,000s and potentially lower last week, citing a CME gap and price rejections at $11,500-12,000.
Should Bitcoin retrace further than it already has, it’s unlikely XRP will trend green for long.
Related Reading: Why Analyst Who Predicted Bitcoin’s 2018 Low Isn’t Bullish on Stellar (XLM)
Featured Image from Shutterstock Price tags: xrpusd, xrpbtc Charts from TradingView.com XRP Breaking Past This Crucial Resistance Could Trigger 45% Rally: Trader
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Nick Chong, Khareem Sudlow
