Ripple’s XRP may be under selling pressure, but the third-largest crypto asset by market cap has maintained its stance on the $0.31 level since July 24, 2019. It has mostly traded around the zone only briefly breaking its resistance of $0.32. At this key support, XRP may be gearing up for new heights.
XRP Maintains Support at $0.31
XRP as at the time of press is valued at $0.316; a price level that has been the case for the past few days. The virtual asset has traded within the zone and made attempts to break its current resistance of $0.32.
As of yesterday, it briefly traded above $0.32 and 100 hourly simple moving average. While that is remarkable, having maintained its stance at its current support despite the hike and decline in Bitcoin’s price is noteworthy.
It can also be recalled that on July 17, 2019, XRP declined to the $0.28 zone before rebounding to the $0.30 area. The price rejection at that time brought high expectations that if only it could find support at the $0.30 – $0.31 zone, then it will leap into the $0.35 – $0.37 price level. And now the latter is now the case.
Will it be a Rally or a Further Decline in Price?
Could this be a sign that the much-expected rally is beefing up to take a course? will XRP retract further down after failing to trade higher against the U.S. dollar? Or is this another sideways trading that was evident in the first quarter of the year? No one can say of certainty, but something significant may likely take place from here onward.
For starters, the bullish sentiment around XRP is quite high given the way several analysts have pointed out that XRP may surge in a few weeks. Others have even made a bolder prediction that it’ll be in a matter of days. An instance of this is Sir Gordon Gekko, CEO of Sir Gekko Capital Holdings who said on July 9, 2019, that XRP will surge in a couple of days.
Analyst Says XRP May Experience a Relief Rally Soon
Similarly, Livercoin, a crypto analyst stated on July 21, 2019, that XRP may experience a relief rally just when investors least expect. However, the surge will be short-lived since it will be closely followed by a 60 percent dump in the virtual asset’s price. From then on, another leap can be expected.
Ripple’s second-quarter report which shows its xRapid transactions increased by 170% between Q1 to Q2 and it had a 30% increment in xRapid partners in Q2 may also add to the current bullish sentiment in the market. In the end, this could positively impact XRP’s price.