XRP is currently pushing higher alongside Bitcoin and the rest of the cryptocurrency market.
The digital asset has been struggling to break above the resistance that exists between $0.30 and $0.33, but it now appears that bulls are vying to push it past this key region.
Where it trends next may largely depend on whether or not BTC can maintain its newfound position above $12,000. A failure for it to do so could lead it to see a sharp decline back towards its $11,200 support.
This would also likely create a headwind for XRP and other major altcoins, sending them spiraling lower in tandem.
Despite this still being a realistic possibility, analysts are noting that XRP’s recent price action has been incredibly strong.
One trader has even gone so far as to note that its bull run has officially started and that multiple technical factors are now working in its favor.
XRP Pushes Towards Key Resistance Following Bullish Technical Breakout
At the time of writing, XRP is trading up just over 2% at its current price of $0.31. This marks a notable upswing from daily lows of $0.293 that were set yesterday morning.
This also marks a slight decline from daily highs of over $0.32 that were set at the peak of its recent breakout.
The price region between $0.30 and $0.33 has multiple intense resistance levels throughout it, including one at $0.32 and one at $0.33.
Whether or not XRP can break out of this resistance region will likely be the primary factor that indicates whether or not it can see parabolic upside anytime soon.
One analyst noted that today’s push higher is being driven by a bullish low-time frame resistance breakout.
“4h XRP looking in wonderful shape with the LTF resistance breakout,” he explained.
Image Courtesy of Cold Blooded Shiller. Chart via TradingView.
These Factors Suggest the Crypto’s Bull Run is Just Getting Started
Another analyst recently pointed to a myriad of different factors that suggest upside is imminent for XRP.
He said that the crypto has now marked the “official start” of its next bull run, with its ability to reclaim the $0.30 level and forming a higher-high both being bullish signs.
“XRP just had its highest weekly close since the market started making a higher high for the first time in 959 days. It reclaimed the .30c level that had acted as resistance in 2017, support in 2018, and now reclaimed. This should be the official start of its bull run.”
Image Courtesy of Pentoshi. Chart via TradingView.
Unless Bitcoin and the rest of the market creates a headwind that drags XRP lower, the previously embattled token does appear to be well-positioned to see some serious upside.
Featured image from Unsplash. Charts from TradingView.
from NewsBTC https://www.newsbtc.com/2020/08/17/xrp-has-officially-started-its-next-bull-run-after-breaking-this-key-level/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-has-officially-started-its-next-bull-run-after-breaking-this-key-level
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