Ripple (XRP) Retracing a Confluence of Bullish Technical Factors
Leading altcoins are retracing a bullish market curve and this curve has been taking shape for the past few weeks. XRP has not been left behind in the trending bullish market structure. A growth that has been gaining traction partly as a result of the 2020 uptrend presently engulfing crypto markets.
Ripple (XRP) is shooting from a recent slough in 2019 and has managed to gain solid footing around the $0.20 region.
SRC: Coinmarketcap Meanwhile, the altcoin is incurring a key confluence of major bullish technical factors. In fact, these factors are likely to propel the cryptocurrency towards further 2019 gains against the Bitcoin trading pair. During press time, Ripple(XRP) is trading at marginal downsides of its current $0.232 price. Therefore marking slight downtrends from the daily highs around the price zones of $0.235.
A high initially set before an early morning sell-off which sent XRP declining to $0.22. On the other hand, the bulls managed to kick off a strong defence that signalled higher strengths despite several rejections at the $0.25 resistance.
Silent Bear TechnicalsIn fact, the recent gains are in tandem with Bitcoin, Ethereum and other leading altcoins upswings. Which has made the coin to amplify strong correlation with aggregated crypto markets. Unfortunately, the correlation seems to be a short term performance and could break any time soon, if the technical strength begins forming a shape.
Twitter crypto analysts dubbed “CJ” is predicting a break beyond XRP midrange Equilibrium (EQ). At best, which is a zone predicting a potential catalyst for significant price movements towards the $0.40 highs. A major upswing is also imminent in the coming weeks and XRP could rally towards 0.0003715 BTC of the XRP/BTC pair. A notable growth from the current 0.00002683.
Bottom lineConsidering the above bullish technical factors, it is likely that XRP could break its BTC correlation and incur an independent upward momentum.
About The Author
Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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