Much to the surprise of investors, XRP has been one of the best performing cryptocurrencies over the past day, with bulls taking full control of its price action following a break above its trading range between $0.20 and $0.30.
It is now going parabolic, with bulls erasing its recent underperformance trend as they aim to send it up towards $0.50 in the near-term.
XRP appears to be finding some resistance around its current price region, which may slow its ascent and cause it to see some consolidation in the near-term.
It’s important to note that there is no fundamental reason behind this recent upswing, as the cryptocurrency still lacks adoption and has a long way to go before its valuation is fully justified.
There is a possibility that the crypto market’s ongoing resurgence will direct more corporate attention to the market, which may make it easier for Ripple to direct users to their XRP-related products.
One trader is now expecting further upside for the token, looking towards $0.46 as a near-term target.
This would mark an over 10% surge from its current price level and may be where it surges in the near-term before finding resistance.
XRP Rallies Higher as Bulls Take Control
The past few years have been tough for XRP, as the cryptocurrency has been caught in one of the most intense bouts of sideways trading seen by the entire market.
Where the crypto trends in the mid-term may depend largely on its reaction to its recent breakout, as some traders may look at this as an exit opportunity.
At the time of writing, XRP is trading up over 23% at its current price of $0.41. This is around the price at which it has been trading throughout the past few hours. Holding above this level could provide it with some serious momentum in the mid-term.
Here’s Why It Could Soon Surge Even Higher
One analyst believes that the embattled token has some room left for further gains in the near-term.
He is specifically watching for a move up towards $0.46, noting that this is the next key resistance level it faces.
“XRP update: I love it when a trade works out as quickly as that. I think we’ll see a pullback into 0.38c from here followed by another leg in 0.46c.”
Image Courtesy of Bagsy. Source: XRPUSD on TradingView.
The coming few days will provide insight into whether or not XRP is well-positioned to see further upside in the days and weeks ahead or if this ongoing rally will be heavily sold into.
Featured image from Unsplash. Charts from TradingView.