XRP is poised for a 20% price rally, as the bullish sentiment emerges again after the quite interesting week that the XRP price had. The XRP price rallied independently on the aggregated crypto market and established a close correlation with Bitcoin. Let’s find out more about the following Ripple XRP price news.
The price action came at the right time when the cryptocurrency stands at a key support level that was been established around the BTC trading pair. The strength of the support line led the analysts to believe that the crypto will only push higher in the near-term. At the time of writing, the XRP price is trading up by 1 percent and reached a price of $0.18, marking a notable climb to the recent lows from $0.16 which happened when Bitcoin declined to $5,800. The ripple price to its USD level has been where it has found resistance over the past few weeks and attempting to surpass this level could become futile.
In the near-term, it is important to see that Bitcoin will continue leading the other altcoins despite the fact that it could become unable to surmount the $7,000 resistance. This will tell us whether the aggregated crypto market will be able to push higher soon. An interesting thing that could happen in the near term is the fact that the XRP price is at risk of losing the position as the third biggest crypto by market cap to Tether. XRP’s liquid market cap is lower than the one of Tether at around $800 million. This data conflicts, however, with the data from coinmarketcap which shows that the token still has a lead over USDT.
Another factor that could bolster the crypto in the short-term is the fact that it is able to flip the previous BTC resistance level into a support level. Crypto traders share on Twitter that there is a possibility for this to happen explaining that a successful defense of the 2600 Sat level could mean that XRP is poised to go up to 3100 sats which is a notable increase:
“Would be interesting to see whether XRP can flip this level back for support. Might support further continuation towards 3100 satoshis.”
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