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The “Black Band” For XRP May Come To An End On One Condition: The Trader - Binaryx

The “Black Band” For XRP May Come To An End On One Condition: The Trader

The Ripple token can “come to life” after two years of stagnation and show a monster bull run, but only on one condition. What does XRP need to start a runway?

Will the bulls return?

The past two years for XRP, Ripple’s token, have been quite nervous. Luck and technical indicators were clearly not on the side of the fourth-largest cryptocurrency by market capitalization, unlike Bitcoin and Ethereum. But for XRP, all is not lost, and the token may rise shortly. The crypto trader Pentoshi told about it.

According to the trader, the XRP rebound from the nearest support line should be the impetus for the development of a new bullish rally. For XRP today, reaching a price range of $0.30 to $0.33 is extremely important. Only if this level holds, we can talk about the prospect of the continued upward movement of the XRP price.

Pentoshi does not deny the fact that XRP is lagging in terms of market indicators, but this is not yet a reason to put a “black label” on the token. On Twitter, the trader posted a chart that signals a possible bullish divergence that should open a gateway for an uptrend. He noted:

For the bull run to begin, XRP must break through the key resistance area of ​​$0.30 to $0.33. The token has a fairly good chance of overcoming this barrier since it has already reached this level before.

Pentoshi also indicated that he does not view the price range of $0.30–0.33 solely as an area of ​​resistance. With a repeated breakout, this price region may show itself as a support area.

2020 was a successful year for Bitcoin and Ethereum

Most altcoins are driven by the price movement of the flagship crypto, which acts as an index to determine the prevailing sentiment in the market. But despite Bitcoin’s recent success and peaking at $13,800, XRP has reacted rather sluggishly to this.

Taking into account the dynamics of Bitcoin in the context of 2020, the flagship cryptocurrency has grown by more than 85%. XRP showed more modest results: the growth of the Ripple token has been 29% since the beginning of 2020. According to the CoinMarketCap, the XRP price was at $0.19 in January 2020, at the time of writing the article, the token is trading at $0.24.

In the context of 2020, Ethereum was able to overtake not only XRP but also Bitcoin. Price ETH has risen by more than 190%. Analysts have repeatedly noted that an additional driver for the growth of the Ethereum rate was the excitement in the DeFi market and the expectation of the launch of an updated version of ETH 2.0.