XRP Posts a Bullish Breakout as Altcoins Begin Following Bitcoin
XRP has been severely underperforming Bitcoin and the aggregated crypto market throughout the past few days and weeks, struggling to gain any momentum as its price continues hovering within the mid-$0.20 region.
This underperformance may not last for too much longer, as analysts are now widely noting that it is currently in the process of posting a bullish breakout that could send it significantly higher in the days and weeks ahead.
A few strong resistance levels may slow its ascent and possibly cause it to see further losses in the near-term if bulls are unable to surmount them.
It is important to note that the lack of any real utility – despite its age and many promises from Ripple – could continue hampering its growth, also stopping new capital from new investors from flowing in.
If it surmounts its two key near-term resistance levels, an influx of buy-side pressure from traders alone may be enough to send it rocketing higher.
It is unlikely that any rally it sees in the near-term will be too sustainable, however.
XRP Struggles to Match Bitcoin’s Momentum But Begins Breaking Out
At the time of writing, XRP is trading up just under 4% at its current price of $0.26. This marks a roughly 10% climb from its recent lows of $0.24 set just a handful of days ago.
While XRP has continued consolidating within the mid-$0.20 region, Bitcoin has been caught in the throes of an intense uptrend that sent its price rocketing to fresh yearly highs of $13,200 yesterday.
It has since been consolidating around $13,000.
The intensity of the market’s present strength is allowing many altcoins to surge, but it remains unclear as to whether or not XRP will be able to match the momentum seen by BTC and ETH as of late.
Analyst: The Embattled Token is About to “Join the Party” as It Posts a Bullish Breakout
One analyst is noting that XRP could be on the cusp of seeing further gains as it posts what appears to be a bullish breakout.
It is important to note that this breakout is tempered, and it still faces resistance at roughly $0.28 and $0.33 – as seen on the below chart offered by the analyst.
“XRP wants to join the party. Bullish breakout,” he said while pointing to the below chart.
Image Courtesy of Crypto Rand. Source: XRPUSD on TradingView.
How the aggregated altcoin market trends in the coming few days should provide some significant insights into XRP’s outlook.
Featured image from Unsplash. Charts from TradingView.
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Cole Petersen, @KhareemSudlow