XRP’s price action throughout the past few months, and even years, has been nothing more than lackluster, with the token still trading down over 90% from its all-time highs while failing to garner any widespread adoption.
The token’s close ties to FinTech company Ripple has been a double-edged sword for its performance.
On the one hand, its 2017 rally was fueled by high hopes surrounding Ripple’s xRapid product. On the other hand, its intense decline and inability to rally have come about due to the company’s previous pattern of selling tokens each quarter and its inability to drum up adoption for the token.
Despite its multi-year consolidation phase within the $0.20 region, XRP is now showing some signs of life as it moves to break out of its long-held trading range.
A firm breakout here could allow the cryptocurrency to see significantly further gains in the days and weeks ahead.
One analyst is even going so far as to note that a move up to the range between $0.50 and $0.85 could be right about the corner.
This type of strong uptrend would potentially mark the start of its next parabolic trend.
XRP Pushes Towards $0.30 as Entire Crypto Market Rallies
At the time of writing, XRP is trading down just over 4% at its current price of $0.29. This marks a decline from its daily highs of $0.31 set in tandem with Bitcoin’s break above $18,000 last night.
The sharp decline seen by both BTC and ETH from these highs is to blame for XRP’s inability to hold above the upper boundary of its long-held range channel at $0.30.
It has now flipped $0.28 into strong support, and an ability to continue holding above this level could entirely alter its near-term outlook.
Analyst Claims Move Up to $0.80 Could be Imminent
One trader believes that this latest push higher could be the start of XRP’s next parabolic trend.
He notes that it may take some time for it confirm that this move is imminent, as it needs to close its weekly candle above $0.315 for this to take place.
“XRP is really on the verge of something big here. Looking for weekly close over $0.315. Measured move on the ihs is somewhere in the 50-85 cents range.”
Image Courtesy of Jonny Moe. Source: XRPUSD on TradingView.
The coming few days should offer insight into whether this is a realistic possibility for the embattled XRP token.
Featured image from Unsplash. Charts from TradingView.