Overnight Parabolic Explosion Could Mean A New Increase For XRP
An overnight parabolic explosion struck XRP so now analysts are waiting for a new upside movement but let’s find out more about the movement in our latest Ripple news.
XRP was one of the best performers over the past day which comes as a surprise to most investors since the bulls took full control of the price action after a break above the trading range between $0.20 and $0.30. XRP goes parabolic now with the bulls deleting all underperformance trends as they are seemingly pushing the price towards $0.50 in the near-term. XRP seems to be finding some resistance between its current price region which could slow down its ascent and cause it to see more consolidation in the near-term.
It’s important to note that there’s no fundamental reason for the recent upswing as the cryptocurrency lacks adoption and has a long way to go before the valuation is justified. There’s a chance that the crypto market is in an ongoing resurgence and will direct more corporate attention to the market which will make it easier for ripple to direct the users to their XRP-related products.
One trader expects another upside for the token looking at the $0.46 price range as the near-term target. This could mark an over 10% surge from its current price level and could be the level where it surges in the near-term before finding resistance. Over the past few years, XRP had a tough time as the cryptocurrency was caught in an intense bout of sideways trading which was seen by the entire market. Where are some of the crypto trends moving in the mid-term could depend on its reaction to the recent breakout with most of the traders looking at this as an exit opportunity.
The overnight parabolic explosion led XRP to the $0.41 price level, marking an increase of 23% which is around the same price at which was trading over the past few hours. Holding above this level could provide some serious momentum in the mid-term. One analyst believes that the token still has room left for further gains in the near-term. He waits for a move towards $0.46 noting that the next key resistance is crucial:
“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.”