A popular crypto analyst and trader is identifying the key level that XRP must hit to initiate its long-awaited bull rally.
The pseudonymous strategist who goes by the name Pentoshi says that while XRP is a laggard in comparison to its large-cap peers such as Bitcoin (BTC) and Ethereum (ETH), it could play catch-up in the coming weeks.
“XRP It’s bull run starts above .30-.33c 17′ resistance. 18′ support. Rounding off on the weekly. Just not quite there yet though. Maybe in a week or two it can close above BTC allowing. But for now it’s lagging.”
According to Pentoshi’s chart, XRP is forming a bullish reversal pattern that can end its nearly three-year-long bear market.
In addition, XRP has tagged resistance between $0.30 and $0.33 multiple times already, which makes it likely for the fourth-largest cryptocurrency to successfully breach the area on the next attempt, according to Pentoshi.
“Honestly looks close though. I doubt that area acts as resistance if hit again.”
XRP has been a relative underperformer for most of 2020. At time of writing, Ethereum is up over 210% year-to-date as it trades at $405, according to CoinMarketCap.
As for Bitcoin, the world’s largest cryptocurrency has gained more than 90% over the same stretch. Meanwhile, XRP has managed to climb around 30% from $0.19 at the start of 2020 to its value of $0.25 today.
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