Ever since XRP broke out of the tight multi-year trading range that it was previously stuck in, the cryptocurrency has been caught within a strong uptrend that has shown no signs of slowing down.
Bulls have been in full control of the previously embattled cryptocurrency, and the recent rebound seen across the entire market appears to be boosting XRP’s technical outlook as well.
The crypto is now in the process of moving up towards a key resistance level that has long been hampering its price action.
The visit to this level comes in the midst of Bitcoin and Ethereum both entering full-fledged bull trends, with BTC setting fresh all-time highs earlier today before facing a rejection at $19,800 that appears to have sparked another consolidation phase.
It remains unclear whether this consolidation phase will be short-lived or persist in the days to come, but the resistance between $19,500 and $20,000 does appear to be degrading.
One analyst is now noting that XRP is poised to rally higher against this backdrop of bullishness seen by BTC and other digital assets.
He believes that a break above $0.65 is all that is needed for it to gain some immense momentum and begin rallying higher.
XRP Reaches Crucial Resistance as Bull Market Ignites
At the time of writing, XRP is trading up just over 7% at its current price of $0.65. This is where it has been trading throughout the past few days, with the selling pressure here being significant.
Bulls were able to defend its recent back-test of its $0.45 support, a positive technical sign. Couple this with the market-wide bullishness seen as of late, and it does seem as though XRP may soon explode higher.
Analyst Claims XRP is Poised to Explode Higher
While sharing his thoughts on XRP’s current technical outlook, one trader explained that he expects it to see some serious near-term upside.
He notes that the recent test of the $0.45 level confirmed it as support and could boost it higher in the days to come.
“XRP: Higher timeframe support around $0.45 massively held for support. Therefore, strong bounce and looking at clear resistance at $0.65. If that breaks, likely continuation towards new highs.”
Image Courtesy of Michaël van de Poppe. Source: XRPUSD on TradingView.
So long as Bitcoin remains stable and pushes higher in the days and weeks ahead, there’s a strong possibility that XRP will aim for $1.00 next – assuming it can break above $0.65.
Featured image from Unsplash. Charts from TradingView.