It has become apparent the cryptocurrency industry will not see any major breakout soon. Any positive momentum established during early 2019 has been obliterated already. Despite the odds, speculators still have high hopes for the XRP price. So much even that everyone seemingly expects a value increase in the coming weeks.
Bouncy Castle Time
One has to commend cryptocurrency speculators for keeping up the faith during these troublesome times. After all, the year 2019 has not been off to a good start either. For XRP, not much has changed in the past two weeks, other than a few minor setbacks and subsequent gains along the way. For EasyMarkets, the coming trend is rather clear. There will be some further upward momentum for XRP, assuming the first support level can hold steady at $0.3195.
Assuming that is how the market will evolve, the XRP price could push through to $038 in the next 7-10 days. It will meet some market resistance at that point, which will result in a new support level needing to be built. If the initial support doesn’t hold, a subsequent drop to $0.277 isn’t unlikely either. A very interesting range to keep an eye on moving forward.
Squeezing Hard for Gains
In the cryptocurrency world, quick profits are what most people expect to see. That is an unfortunate trend, although there is nothing wrong with pursuing quick money either. In the case of XRP, there may very well be a very tight short squeeze for a potential 20% gain in the coming days. That will only happen if Bitcoin’s value doesn’t collapse once again.
The chart by TradingAlpha seems to identify some interesting levels. The highest short-term XRP peak sits near the $0.45 level as of right now. There are three resistance levels waiting to be broken prior to establishing an actual uptrend, though. Additionally, the overall market sentiment remains on the bearish side of the spectrum. Causing a short squeeze now can be very lucrative in its own regard, although the full impact remains rather unclear.
Sustaining the Support Trendline
For XRP, the coming days and weeks will be primarily about ensuring the current support levels can be maintained. That in itself will pose quite a big challenge, given the overall bearish market sentiment. Even so, adversities can be overcome in this industry without too much effort. As long as XRP’s support trendline holds, there is no real reason to panic just yet.
Unfortunately, this support level in the XRP/USD department might prove challenging to sustain. Considering how all markets seem poised to turn bearish again, the chart provided by Tilen_Tradershub might not necessarily hold true. Although this support level has held for a long time, it is very likely trader swill break through it in the days to come. Assuming that isn’t the case, the slow but steady push to $0.42 remains in place.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.