The price performance of XRP over the past few months and even years has been nothing short of lackluster. The token was still slashed over 90% from its all-time highs without widespread adoption.
The token’s close association with FinTech firm Ripple was a double-edged sword for its performance.
On the one hand, the 2017 rally was driven by high hopes related to Ripple’s xRapid product. On the flip side, the sharp decline and inability to recover is due to the company’s previous pattern of selling tokens per quarter and the inability to increase token adoption.
Despite its multi-year period of consolidation in the $ 0.20 region, XRP is now showing some signs of life as it attempts to break out of its longstanding trading range.
A solid breakout here could allow the cryptocurrency to make significantly more profits in the coming days and weeks.
In fact, one analyst goes so far as to note that an upward move in the $ 0.50-0.85 area could be just around the corner.
This type of strong uptrend would potentially mark the beginning of his next parabolic trend.
XRP Pushes To $ 0.30 As The Entire Crypto Market Raises
At the time of writing, XRP is trading a little over 4% at its current price of $ 0.29. This is a decrease from the daily high of $ 0.31 that was achieved along with Bitcoin’s break above $ 18,000 last night.
The sharp decline that both BTC and ETH are seeing from these highs is due to the fact that XRP has been unable to hold above the cap of its long-standing range channel at $ 0.30.
It has now tipped $ 0.28 into strong support and an ability to continue above that level could completely change its near-term outlook.
Analysts say it is about to climb to $ 0.80
One trader believes this recent surge could be the start of the next parabolic trend in XRP.
He Remarks that it may take some time to confirm that this move is imminent as the weekly candle above $ 0.315 must close for this to happen.
“XRP is really close to something big here. Looking for a weekly close of over $ 0.315. The measured movement on the ihs is somewhere in the range of 50 to 85 cents. “
Image Courtesy of Jonny Moe. Source: XRPUSD on TradingView.
The coming days should shed some light on whether this is a realistic option for the contested XRP token.
Featured image from Unsplash. Charts from TradingView.