XRP’s recent price action seems to suggest that the cryptocurrency will end up being the dark horse of 2020, as its recent price action is shaping up to be overwhelmingly bullish as multiple key technical factors begin flipping into the favor of buyers.
Currently, the token is in the process of breaking above a critical resistance level, and it appears to be increasingly likely that bulls will soon significantly further extend the cryptocurrency’s newfound upwards momentum.
One fundamental factor that could also bolster the crypto is the fact that Ripple is continuing to onboard new members to RippleNet.
XRP breaks above $0.28 as bulls build momentum
At the time of writing, XRP is trading up just over 1% at its current price of $0.28, which marks a notable climb from its daily lows of $0.27 that were set yesterday.
The bulk of token’s recent gains came about this past Tuesday when the cryptocurrency rallied from lows of $0.24 towards its current price levels, with many analysts noting that $0.28 was acting as a critical resistance level for the crypto.
Currently, XRP is trading up significantly from 2020 lows of $0.18 that were set in the first few days of January.
Many analysts had attributed the crypto’s bearishness throughout 2019 to Ripple’s quarterly token sales, but it is important to note that XRP’s close ties to Ripple is still an advantage, as the company continues expanding its RippleNet network.
The latest addition to the partner network is International Money Express (Intermex), which is a major publicly-traded company that will use Ripple’s cross-border settlement products to expedite transactions between the US and Mexico.
The vast array of partners within this network may provide XRP with some significant utility in the months and years ahead.
Technical analysis suggests the crypto is about to see significant momentum
Beyond there simply being some bullish potential use cases looming on the horizon, XRP’s current technical situation is also growing to be incredibly bullish.
Josh Olszewicz – a prominent cryptocurrency analyst – spoke about the factors currently counting in its favor in a recent tweet, saying:
“Mrkt so bull rn even XRP starting to turn up – kumo breakout – 200-day EMA breach – will invalidate nearly 700 day bear PF soon.”
It is highly probable that the confluence of all these factors means that XRP’s uptrend is just getting started, and that it is currently on the brink of seeing significantly further upwards momentum.
The post These factors all suggest XRP’s rally is just getting started; how far will it go? appeared first on CryptoSlate.
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