It appears that XRP’s strong price action over the past several days was bull’s attempt to lay the groundwork for a massive upside movement.
XRP is now caught within what appears to be a firm uptrend that has allowed the cryptocurrency to significantly outperform both Bitcoin and most major altcoins, which has also led it to forge a firmly bullish market structure.
Analysts are now noting that the crypto could be on the cusp of seeing even further upside, and there are a few key factors that could provide this bull-favoring momentum.
XRP rallies 11% as a “highly bullish” technical formation develops
At the time of writing, XRP is trading up just under 8 percent at its current price of $0.275, which marks a notable climb from its daily lows of under $0.26, and an even more significant climb from weekly lows of $0.23 that were set last Wednesday.
This uptrend against its USD trading pair has also allowed it to post strong gains against Bitcoin, as it is now trading up over 9 percent against its BTC trading pair.
This bullishness comes as the aggregated crypto market faces some bear-favoring price action, with Bitcoin struggling to hold above $9,000 as bulls show signs of losing the strength they built over the past several weeks.
TraderSmokey, who is a prominent cryptocurrency-focused trader, explained in a recent tweet that XRP closed above its 200-day moving average today, which alongside a Kumo breakout seems to suggest further upside is imminent.
“XRP Daily Close Update: Closed above the 200MA + Kumo Breakout on Poloniex, not yet on Binance though. Either way, highly bullish in my opinion. I could see a small retrace but ultimately I think XRP will run to 3744 Sats in the coming days / weeks.”
Be on the lookout: BitMEX swaps launching tomorrow could generate massive volatility
In addition to the bullish technical factors discussed above, it is also important to note that popular cryptocurrency trading platform BitMEX is launching a new XRP swap tomorrow, which could create some volatility.
Bagsy, another popular crypto trader, spoke about the launch of this swap in a tweet, saying:
“Bitmex is releasing a contract that allows a user to long or short XRP USD using BTC as collateral. Timing is interesting with how price is breaking out of downtrend on USD pair.”
While considering all the aforementioned factors, it does seem to be highly probable that they will create some bullish confluence that leads XRP to see significantly further gains.
The post These key factors could propel XRP further after its “highly bullish” 11% rally appeared first on CryptoSlate.
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