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On Tuesday, most of the TOP-10 crypto assets at CoinMarketCap capitalization rating demonstrate negative dynamics, but not Ripple (XRP). However, the narratives changed on Wednesday, with some cryptocurrency picking up.
At the press-time, Ripple’s token has grown by over 7% compared to Yesterday’s 12%. The third cryptocurrency by capitalization is trading at the level of $ 0.27. Such an increase accompanied by the addition of a perpetual swap on XRP/USD with a leverage of up to x50 on the BitMEX trading platform.
Against the background of the development prospects of the cryptocurrency market, participants of the crypto community keep making forecasts regarding the further movement of the XRP rate.
As the well-known analyst over the crypto space under the nickname DonAlt previously noted, to renew the bullish trend, the price of XRP has to rise above the level of $ 0.30.
$XRP update:
Going according to plan, I TPd early to avoid the $0.25-$0.30 resistance area which is where pretty much all of the risk is.
As I stated early in the thread, $0.30 is the number to beat, until that happens all of this is a bear market retracement. pic.twitter.com/mMEyvJl6yF— DonAlt (@CryptoDonAlt) February 4, 2020
Yesterday, he reminded the crypto community about this once again.
According the specialist, resistance around $ 0.25- $ 0.30 is pretty much all of the risks. While cryptocurrency is trading in this range – “all of this is a bear market retracement.”
Indeed, after falling below $ 0.30, XRP was unable to rise higher. For more than six months, the cryptocurrency has been trading in the range between $ 0.18-0.27. As we can see, every time XRP rises after it follows a decline. According to DonAlt, this will continue until the price manages to break through the $ 0.30 level.
XRP Price Development This Year
According to the results of January, XRP added about 24% to its capitalization. This turned out to be worse than the average market indicator once again.
Against the background of demand for other assets, a purchase was also noticeable in this instrument, however, this fact did not change the technical picture much.
So far, in the six-month period, the coin keeps losing its position relative to other market instruments from month to month. However, now the situation may change.
The cryptocurrency still holds the third place in terms of capitalization.
Source: Tradingview.com
From a technical point of view, the clear formation of lows in XRP price does not allow us to conclude that there has been any change in trend. At $ 0.27 there is strong resistance, after the breakdown of which, something will change in the balance of power among hodlers. This mark is the key to the formation of the further movement of the XRP token.