Much to the chagrin of XRP investors and enthusiasts, Ripple’s price has been somewhat stagnant over the past few months, rising to recent highs of just below $0.50 from its year-to-date lows of below $0.30.
Although these gains are certainly nothing to be frowned upon, they are rather small as compared to the 300%+ gains that Bitcoin and many other cryptocurrencies have incurred from their 2019 lows; but XRP may soon surge higher and catch up to other cryptocurrencies.
At the time of writing, Ripple is trading down nearly 2% at its current price of $0.475, down slightly from its recent highs of $0.50.
Over a one-week period, XRP is trading up from lows of $0.42, which was a price at which the cryptocurrency was trapped at for an extended period of time while the rest of the crypto markets were surging higher.
The Cryptomist, a popular cryptocurrency analyst on Twitter, noted in a recent tweet that XRP will likely require a little more time before it incurs enough selling pressure to lift off and climb higher.
“$XRP: The 48 cents from yesterday’s post holding as strong resistance thus far. We did wick up to 50 cents but fell back to resistance. We may find a bit of ground before take-off, just be patient,” she said.
The 48 cents from yesterdays post holding as strong resistance thus far
We did wick up to 50 cents but fell back to resistance
We may find a bit of ground before take off, just be patient loveys
— The Cryptomist June 23, 2019
As for where a break above $0.50 could lead XRP in the near-term, Harry, another cryptocurrency analyst who focuses primarily on XRP, said in a recent tweet that the next target for Ripple exists at $0.55.
“$XRP traders target is now $0.55c – should have been buying the dips as we moved into accumulation advance, lets go x,” he noted.
$XRP traders target is now $0.55c – should have been buying the dips as we moved into accumulation advance, lets go x
— Harry (@HaraldoXRP) June 22, 2019
Assuming that the analysts’ assessments are accurate, and Ripple does target $0.55 next, a sudden influx of buying pressure could allow it to surge significantly higher, possibly leading it towards $1.00
“$XRP: $1 Target begins with this weekly resistance break,” The Cryptomist also noted in a recent tweet.
$1 Target begins with this weekly resistance break
Looks like pre drinks are about to end as the party begins
— The Cryptomist June 22, 2019
As the weekend wraps up and a fresh week of trading begins, it is highly likely that analysts will soon understand whether or not XRP will once again get caught in a pattern of consolidation, or if it will begin surging significantly higher in the near-future.
Author: Cole Petersen