Crypto Analyst Says XRP Poised for 60% Bounce Off Major Support
Crypto analysts are sizing up the potential path ahead for XRP, the third-leading cryptocurrency by market cap.
An analyst who goes by the name Pentoshi is predicting “fireworks incoming” for the digital asset, and says it touched a historic level of support on Poloniex that dates all the way back to 2014.
$XRP I'm ready to stop being bearish. Bias has changed. Notes on chart. Historical level dating back to 2014 on Polo chart. Sellers losing momentum. Targeting 4k. Fireworks incoming 🔥🔥🔥 pic.twitter.com/0vTe43tXeu
— Pentoshi (@Pentoshiswallet) August 29, 2019
At time of publishing, XRP is up 1.47% at $0.2578. Pentoshi says he believes XRP is now targeting a 60% increase in its price against BTC, which would be a rise from that 2014 support level at about 2,500 satoshis up to 4,000 satoshis.
Two fellow crypto analysts say XRP will first have to prove it can overcome strong levels of resistance. According to NewsBTC analyst Aayush Jindal, XRP is now brushing up against resistance at $0.2580.
“On the upside, there is a major resistance forming near the $0.2580 and $0.2600 levels.
Besides, [Friday’s] highlighted major bearish trend line is active with resistance near $0.2580 on the hourly chart of the XRP/USD pair. Therefore, it won’t be easy for the bulls to push the price above the $0.2580 and $0.2600 resistances.”
FX Empire’s Bob Mason is on the same page. He says the digital asset needs to show it can break $0.2602 – and it could use the help of a broader crypto rally to get there.
“Holding above the first major support level at $0.2536, Ripple’s XRP struck a morning high $0.25840 before easing back. The first major resistance level at $0.2581 limited the upside in the early hours.
For the day ahead, a break back through the first major resistance level would bring the second major resistance level at $0.2602 into play. Ripple’s XRP would need the support of the broader market, however, to break out from this morning’s high $0.25840.”