Analyst Claims XRP Likely to Target $0.70 as Uptrend Turns Parabolic
XRP has surprisingly been one of the best performing major altcoins throughout the past few days, seeing parabolic gains as bulls take full control of its price action.
Its rally shows few signs of slowing down either, with bulls setting their sights on the cryptocurrency seeing even further upside as it plows past multiple key resistance levels.
This comes despite the XRP token not seeing any fundamental shifts, as its adoption amongst banks and corporations still lacks despite Ripple’s many efforts.
This indicates that traders are mostly driving this price action, with its speculative value remaining high due to it being listed across all major exchanges and having ample liquidity that makes it easy to move in and out of large positions.
One trader is now noting that he expects further upside as the cryptocurrency nears the end of a triangle formation that it has been caught in throughout the past couple of days.
He concludes that this means a push up towards $0.70 could be imminent in the near-term. This would mark a 400% rise from its recent lows set just a few days ago.
XRP Sees Intense Upswing as Bulls Take Charge
XRP has been one of the worst-performing major cryptocurrencies since its price first peaked in late-2017.
From this point, it has faced endless bouts of selling pressure from investors and Ripple alike, which created a steady stream of downwards pressure that buyers were unable to surmount.
The cryptocurrency has since bucked this trend and is now entering a full-fledged bull market as analysts eye further upside.
At the time of writing, XRP is trading up just under 30% at its current price of $0.57. This marks a massive rise from its recent lows of $0.23 set just a few days ago.
Analyst Claims Move to $0.70 Likely
As for where XRP could trend in the near-term, one analyst explained that he is closely watching for a move up towards $0.70, adding that it could even surge past this price.
“XRP: I still fully expect 60-70 cents before the airdrop if not higher.”
Image Courtesy of NekoZ. Source: XRPUSD on TradingView.
So long as the broader market remains stable in the days and weeks ahead, there’s a strong possibility that further upside is imminent for the legacy altcoins like XRP.
Featured image from Unsplash. Charts from TradingView.
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Cole Petersen, @KhareemSudlow