The world’s third-largest cryptocurrency by market cap XRP has been consolidating around $0.28 for over the course of the last few days. The coin is unable to break above the psychological level of $0.30 in recent days. Where the price value of XRP is trading below this resistance level, a technical analyst is still bullish on the coin and says that the third-ranked digital currency may double in the weeks ahead.
XRP’s price could come near to $0.50
The lead technical analyst at Blockfyre Pentoshi has given a highly bullish prediction about the Ripple’s native digital currency XRP. Based on his technical analysis, the technical analyst said that the price value of XRP might be able to get double in the coming weeks.
So if the price value of the coin gets doubled it means that it will come very near to the $0.50 mark. Pentoshi said that all eyes are on $0.475 in the weeks ahead as the third major cryptocurrency may post a bullish rally toward this figure. He said:
$XRP Still consolidating around this ever so important S/R that dates back 3 years. Ultimately expecting this to move up over the next few months at it’s own pace. Eyes on .475 in the coming weeks.
If the prediction given by the technical analyst comes true and the coin is able to come closer to the $0.50 mark, it will be the strongest bullish rally for the third-ranked digital currency made so far in the current year of 2020 and it will be the new yearly high for XRP as well.
While describing the macro trend for XRP, the technical analyst said that the coin may start a rally toward $1 in the long-term trend. Currently, the price value of XRP is trading at $0.28 with a change rate of 3.19% in 24 hours.
Darlene Morales
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