XRP’s price has seen some slight gains in recent times but is still lagging behind many of its peers.
While Bitcoin, Ethereum, and many altcoins all post intense upswings that have led them into full-fledged bull market territory, XRP remains stuck within the lower-$0.20 region.
Its struggling price mainly comes due to a lack of interest from traders and investors, with its market cap remaining stagnant in recent times – suggesting that while its previous holders are maintaining their positions, there’s a lack of fresh capital inflows.
This trend may change in the near-term, however, as one analyst is noting that its recent break above $0.22 has opened the gates for it to see a “moonshot” rally that sends it significantly higher.
This potentially imminent uptrend could be further bolstered by its ability to break above its 200-day SMA for the first time since February.
Previous breaks above this key technical level have catalyzed notable uptrends.
XRP’s Technical Outlook is Growing Brighter Following Latest Upswing
At the time of writing, XRP is trading up just under 1% at its current price of $0.225. This marks a notable climb from weekly lows of under $0.21 that were set during a sharp selloff seen yesterday.
The cryptocurrency has been consolidating after tapping highs of $0.23 yesterday as well, and it does appear that there is some notable resistance at this level.
Despite generally remaining correlated to the cryptocurrency market, the embattled token’s price typically underperforms both Bitcoin and Ethereum during uptrends and downtrends.
This can be seen while looking at its recent price action.
While it remains stuck within the lower $0.20 region, BTC is currently flying past $11,000, and Ethereum has garnered a strong foothold within the lower-$300 region.
One technical factor that could provide XRP with some momentum in the near-term is its recent break above its 200-day SMA.
While speaking about this breakout, one analyst noted that it is the first time that it has surmounted this level since February.
“XRP (USDT) Daily chart – First close above the SMA 200 since February.”
Image Courtesy of Cheds. Chart via TradingView.
Analyst: Expect a “Moonshot” Rally If It Stabilizes Above $0.22
Another analyst also offered a positive outlook on XRP, explaining that $0.22 is a crucial level to watch in the near-term.
He explained that a break above this level could be all that is needed for it to see a “moonshot” rally that sends it surging higher.
“If XRP breaks 22 cents again. Expect another moonshot,” he said.
Image Courtesy of Crypto Rand. Chart via TradingView.
Because it has since broken above this level and has even established some support here, it does appear that further upside could be imminent.
Featured image from Unsplash. Charts from TradingView.
by Cole Petersen on July 29, 2020 at 02:30AM
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