Analyst: This Massive Bull Flag Could Send XRP Flying Towards $1.00
XRP has been hovering around the $0.30 region for the past couple of days, with its price breaking back above this level after an extended bout of trading beneath it.
The cryptocurrency’s price action in recent weeks has been somewhat mixed, with its rally from the lower-$0.20 being a sign of overt strength, while the multiple rejections it posted at $0.33 seemed to spell trouble for its near-term outlook.
Analysts are generally bullish on XRP at the moment, however, as multiple are noting that its recent consolidation phase may be its way of coiling up before it makes a move higher.
One trader, in particular, is noting that the token is “consolidating nicely” above its 200-day moving average following its latest push higher. He believes that a firm hold above $0.30 could spark a fresh leg up.
On a similar note, another respected analyst is now watching for a sharp rally up towards $1.00 in the near-term, which he believes will be perpetuated by a few crucial factors.
XRP Shows Signs of Strength After Reclaiming $0.30
At the time of writing, XRP is trading up just under 1% at its current price of $0.30.
This marks a notable upswing from a recent low of $0.27 that was tapped on a few occasions throughout the past week.
The strong support here was enough to catalyze some momentum, as the token has since been able to reclaim both its 200-day moving average as well as its key horizontal resistance at $0.30.
As long as it can hold above this level for an extended period, the cryptocurrency may be able to garner another influx of buying pressure that sends it surging higher.
One trader mused this possibility in a recent tweet, explaining that he expects it to see further upside as long as its bulls defend these levels.
“Ripple (USDT) – Consolidating nicely here after that big move from the MA 200 (21 cents to 33 cents) – Needs to regain 30 cents to get that mojo going again. Watch descending trendline for signal,” he said.
Image Courtesy of Big Cheds. Chart via TradingView.
Here are the Factors that Could Send It Towards $1.00
Another analyst explained that a few factors are leading him to expect significant upside.
He notes that XRP’s ability to reclaim the region where the 2017 bull run kicked off, coupled with a “massive bull flag,” could soon send it up towards $0.93.
“You despise money if you don’t own XRP. Maximum point of financial opportunity is right at these levels. Reclaimed the area where the 17′ bull run had kicked off after a deviation below a year long support range. A massive bull flag. Think Mid term (2-3 months) .93c.”
Image Courtesy of Pentoshi. Chart via TradingView.
The coming days and weeks will likely prove to be vital for determining XRP’s mid-term outlook.
Featured image from Unsplash. Charts from TradingView.