- Ripple has established support at the $0.20 level
- Popular traders predict bullishness on XRP
- XRP’s recent price movement mirrors that of Bitcoin
The last 24 hours have been looking very optimistic for Ripple, the third-ranked cryptocurrency in terms of market capitalization according to CoinMarketCap. The price of an XRP token has risen to almost 4% in the last 24 hours, ensuring strengthened price support at the $0.20 level.
The price hike for XRP gives credence to the fact that investors are piling up cash to go long on the token, owing to technical and fundamental analysis of the token. The price of Ripple just recently tested $0.20 level again, bouncing up to new resistance levels. Several technical analyst traders in the digital currency space are speculating that the price could reach highs of $0.33 in the days to come.
Currently, Ripple is trading at the $0.22 level, which is a 4% boost from the $0.20 price zone that price was consolidating in a few days ago. The dip in the price of Ripple was mainly because Bitcoin’s price broke out of support and hit recent lows in the $7,700 zone. A lot of altcoins, particularly those ranked second to tenth in terms of market capitalization followed suit in the price drop.
Cryptocurrency bulls have been able to sustain the pressure of the bears to keep price bouncing off of the $7,700 key support level. The price action on the Bitcoin charts has seemed to convince crypto traders that the price drop is a correction in price and Bitcoin’s price is heading for a new uptrend.
XRP Seeking Price Highs Due to Numerous Long Positions
The XRP token’s price is now looking to break its key resistance level at $0.224. This price zone is the level where Ripple’s price has been rejected in recent days. A break above the key resistance level could be an indicator signifying new price highs for XRP.
A well-known cryptocurrency trader on Twitter with the username Calmly, mentioned a few days ago that he was observing the price of Ripple in order to make a trade that could potentially make him as much as 150% profit in an un-leveraged trade.
While it might be far-fetched to predict that the price of Ripple would get to $0.40, other prominent crypto traders have speculated that the price could rally that high. Harry, another digital currency trader mentioned that he very much thinks XRP’s price would break resistance at $0.33 by next week. Harry posted on Twitter that;
“$XRP – Were going to end the week testing 6-month bearish technical resistance, will not be surprised to see XRP pushing hard on 33c next week possibly the week after. I’m really bullish on breakouts at this level”
In the days to come, we will find out if the numerous bullish predictions by these crypto traders will come to pass. It has, however, been observed that the price of Ripple practically goers in the same direction as that of Bitcoin. A break in the key support level of Bitcoin would most likely take the optimism on Ripple to the garbage.