Although Ripple’s performance over the past few weeks has been dismal to say the least, and holders of the cryptocurrency have missed out on many of the massive gains that other cryptocurrencies have been experiencing, XRP incurred a sudden burst of buying volume today that has allowed it to surge 4%.
Now, analysts are setting their sights on further gains for the embattled cryptocurrency, with one analyst setting a target of $0.48 – assuming XRP is able to follow through with its current surge.
Ripple (XRP) Reverses Downwards Trend After Holding Above Support
At the time of writing Ripple is trading up 3.4% at its current price of $0.332 and is up its daily lows of $0.32 – a level at which XRP has found support over the past several days.
Although the crypto markets as a whole experienced some massive upwards swings over the past few weeks, with Bitcoin climbing from lows of $4,000 to highs of $5,400, XRP only briefly surged to highs of $0.37 from lows of $0.30, before settling down towards its current price levels.
This dull price action was certainly disappointing to Ripple investors, as the crypto has previously incurred massive gains during market surges.
While looking towards XRP’s Bitcoin trading pair (XRP/BTC) many analysts had noted that the cryptocurrency was reaching a “make or break” price level that could have led to significantly further downside for the digital asset, had it broken down further.
Cryptorangutang, a popular cryptocurrency analyst on Twitter, spoke about this price level in a tweet made just prior to today’s surge, noting that Ripple will either “jump here or the drop will be brutal.”
“I’ve seen people trying to buy $xrp’s bottom for a month now, but this is the first time imo it’s worth it. Steadily declining volume on that drop, important level, bullish divs. Either jump here or the drop will be brutal,” he explained.
I've seen people trying to buy $xrp's bottom for a month now, but this is the first time imo it's worth it. Steadily declining volume on that drop, important level, bullish divs.
Either jump here or the drop will be brutal.
— #DYORangutang (@cryptorangutang) April 16, 2019
Analyst: XRP May Surge as High as $0.48 in Near-Future
Because this upwards move firmly established XRP’s support level around $0.32, one analyst believes that it may continue surging towards $0.48 in the near-future.
Ryan W, another popular cryptocurrency analyst, spoke about this possibility in a recent tweet, noting that Ripple does face resistance levels at $0.38, $0.44, and $0.50, but also explaining that he expects the crypto to garner enough upwards momentum to break above at least two of these resistance levels with a price target set at $0.48.
“We should see a follow up to this move. $XRP resistance levels $0.38, $0.44, $0.50. Target of $0.48 remains as described on TradingView,” he explained.
— Ryan_W (@RyanICNN) April 17, 2019
Although many crypto enthusiasts dislike XRP for a plethora of reasons, it has built up a strong investor base that may ultimately help propel it higher as the overall crypto market conditions continue to improve.
Featured image from Shutterstock.
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* First published on newsbtc.com