The ongoing bear market that was first sparked in early-2018 has been particularly impactful for XRP, in spite of a significant amount of positive news regarding the utility that has been created for the digital currency through Ripple’s various cross-border payment systems.
In the near-term, XRP may see some relief however, as one analyst is noting that it is likely to once again target a key resistance level, with its reaction to this level possibly setting the tone for how it trends throughout the first part of 2019.
XRP Trading Near Post-2017 Bull Run Lows as Bulls Wane, But Relief May Be Inbound
At the time of writing, XRP is trading up marginally at its current price of $0.22, which marks a very slight climb from its recent lows of $0.21 that were set a few days ago.
The lower-$0.20 region has become a strong support region for the cryptocurrency, with the buying pressure existing in this region being enough to stop the cryptocurrency’s capitulatory downturn that occurred in early-November when it dropped to lows of under $0.20 before bouncing.
In the time since this movement, the token has been ranging sideways, finding support around $0.20 and resistance around $0.24.
While looking towards the cryptocurrency’s BTC trading pair, it has been consolidating between 0.000029 and 0.000033.
In the near-term, it does appear that 0.00004000 is a critical resistance level for XRP, as this is around where it peaked in late-October when the aggregated crypto market rallied.
Livercoin, a popular cryptocurrency analyst on Twitter, spoke about this resistance level in a recent tweet, telling his followers that he believes this level will be revisited after it breaks above the upper boundary of the aforementioned trading range.
“$XRP has yet to test the significant 4000 level as resistance. Price pulled back into the daily block and OTE after a bullish rally. Stepping in once we reclaim the origin of the swing low raid,” he noted while pointing to the chart seen below.
$XRP has yet to test the significant 4000 level as resistance.
Price pulled back into the daily block and OTE after a bullish rally. Stepping in once we reclaim the origin of the swing low raid.#Crypto pic.twitter.com/CgCU1cVmoc
— Livercoin (@livercoin) December 13, 2019
How this potential BTC surge impacts the crypto’s USD price will be largely dependent on whether or not Bitcoin continues consolidating around its current price levels or if it is able to garner some greater upwards momentum in the near-term.
Assuming that XRP does gain momentum and begins surging towards its resistance levels, it is likely that it will only be able to break through these levels if the aggregated crypto market begins to show some signs of having greater strength.