XRP has been one of the most surprising beneficiaries of the recent market-wide uptrend. The previously competitive cryptocurrency outperformed Bitcoin’s profits in a short period of time while outperforming Ethereum and other major altcoins.
Its strength came after breaking through a multi-year trading range that was between $ 0.20 and $ 0.30. As soon as $ 0.30 poured into the support, the parabolic climb began.
Its momentum is now slowing down due to some key resistance levels, but where to go next will likely depend on whether or not Bitcoin and the rest of the crypto market can find some stability.
Both BTC and ETH have seen some immense turmoil in the past 24 hours, with bears fading benchmark crypto’s all-time highs and the aggregate market showing some signs of weakness.
If Bitcoin doesn’t gain stability, altcoins like XRP can struggle to expand their newfound momentum.
Still, a trader expects XRP to see some immense gains in the short term, pointing to $ 1.80 as a potential upside target in the near future. He notes that there may be resistance around $ 1.12 initially.
XRP stagnates as Bitcoin tries to hit new highs
Yesterday was a wild day for Bitcoin and the entire market. After BTC suffered an intense sell-off last week that caused BTC to hit lows of $ 16,400, the BTC bulls on many exchanges rose to a new all-time high of $ 19,800.
The selling pressure was quite high here and it caused the entire market to go down. The bulls tried passionately today to absorb this selling pressure.
Of course, XRP was also affected by this volatility. At the time of writing, the cryptocurrency is trading up over 7% at its current price of $ 0.62. Here has been trading in the last days and weeks.
The trader claims that the token is still ready to explode higher
While sharing his thoughts on XRP’s current outlook, a trader announced written down that he remains optimistic about his short and medium term prospects.
He stated that a spike towards $ 1.12 could happen shortly followed by an explosion towards $ 1.80.
“XRP: Aped in. Goals 1.12 and 1.8”, he remarked briefly and pointed to the table below.
Image Courtesy of Livercoin. Source: XRPUSD on TradingView.
When XRP hits its upside target it will mark an almost triple move from where it is currently trading.
Featured image from Unsplash. Charts from TradingView.