This past week XRP saw an incredibly bearish retrace after struggling to maintain its position within the lower-$0.30 region, with its drop from its 2020 highs of $0.34 leading the crypto to plummet all the way to lows of $0.28 before finding any notable support.
Now, however, the recent bullishness seen within the aggregated market has allowed XRP to once again surmount this key level, leading its technical situation to grow increasingly bullish.
Analysts are now watching to see how the crypto responds to a few key technical formations, which could potentially lead it to rally to fresh 2020 highs.
XRP Breaks Above $0.30 as Crypto Market Shows Signs of Bullishness
At the time of writing, XRP is trading up just under 2% at its current price of $0.30, which marks a notable climb from recent lows of under $0.28 that were set in tandem with Bitcoin’s recent drop to lows of $9,400.
It does appear that the crypto is now facing some resistance at this level, and it’s a strong possibility that it will continue struggling to gain a solid foothold within the lower-$0.30 unless Bitcoin is able to incur an upwards movement that leads the aggregated market to follow suit.
One factor that could help XRP solidify its position within the $0.30 region is a bull flag that it is currently trading within.
Nik Patel – a prominent cryptocurrency analyst and trader – spoke about this pattern in a recent tweet, pointing to a chart showing a near-term upside target of $0.315.
“XRP flagging,” he said while referencing the chart seen within the below tweet.
$XRP flagging pic.twitter.com/t4Rknu4d1p
— Nik Patel (@cointradernik) February 19, 2020
Could This Pattern Send the Crypto to 2020 Highs?
Another technical pattern that could help the cryptocurrency see some further momentum is a broadening wedge, with a visit to the upper boundary of the wedge at roughly $0.36 potentially being imminent.
Galaxy, another prominent cryptocurrency analyst on Twitter, spoke about this in a recent tweet while pointing to the chart seen below.
“XRP looking good again. Is currently painting a broadening wedge,” he said.
Image Courtesy of Galaxy
It is highly probable that where altcoins head in the near-term will rest primarily on whether or not Bitcoin is able to gain a solid foothold within the lower-$10,000 region, as any continued BTC momentum will likely lead most major altcoins to rise in tandem.
Featured image from Shutterstock.