XRP has surprisingly been one of the top performing big altcoins in the past few days. Parabolic gains have been made as the bulls take full control of their price movements.
The rally is also showing few signs of slowing down. The bulls have their sights set on the cryptocurrency and will look further up as it plows past several key resistance levels.
This is happening despite the fact that the XRP token has not undergone any fundamental changes, as its acceptance by banks and companies is still lacking despite the many efforts of Ripple.
This suggests that traders are mainly driving this price movement. The speculative value remains high as it is listed on all major exchanges and has sufficient liquidity to make it easy to get in and out of large positions.
A trader now realizes that he expects another uptrend as the cryptocurrency approaches the end of a triangle formation it has been trapped in for the past few days.
He concludes that in the short term this could mean a move up towards $ 0.70. That would represent a 400% increase from the recent lows a few days ago.
XRP sees an intense upswing as the cops take responsibility
Since the first high in late 2017, XRP has been one of the worst performing cryptocurrencies.
From then on, it has faced endless bouts of selling pressure from investors and Ripple, creating steady downward pressure that buyers could not overcome.
The cryptocurrency has since bucked this trend and is now entering a full-fledged bull market as analysts keep looking up.
At the time of writing, XRP is trading just under 30% at its current price of $ 0.57. This is a massive increase from the recent lows of $ 0.23 set a few days ago.
Analyst claims are likely to hover at $ 0.70
An analyst where XRP could go in the short term explained that he is paying close attention to a spike towards $ 0.70 and adding that it could even go above that price.
“XRP: I still expect 60-70 cents before the drop, if not higher.”
Image Courtesy of NekoZ. Source: XRPUSD on TradingView.
As long as the broader market remains stable in the coming days and weeks, there is a good chance that old altcoins like XRP will see another uptrend ahead.
Featured image from Unsplash. Charts from TradingView.