Ripple’s signature coin, the XRP has been in a serious downtrend for the majority of the last 2 years. Ever since the crypto winter hit, the coin was not able to see any kind of outbreak that would save its investors at least some capital to call the coin worthwhile again.
However, there are experts talking about the coin now, saying that the worst is behind us and the coin is going to reach new heights in the wake of a Bitcoin fork coming in the near future. The charts seem to agree with them as the coin managed to generate a 5% profit for its investors over the course of just 24 hours. Many would say that the gain seen in the last day was better than people saw in the last two years.
Yes, it is believable that the wors is behind the XRP, but it’s very hard to believe that it will reach the heights is once stood at. But, an XRP analysis from InvestingHaven shows that once a coin reaches the lowest exchange rate possible is when it truly starts to pump from the bullish run.
It’s true, the lowes of the low for XRP in the past two years was $0.187, which was just a month ago. Now though, the chart tells us that the coin has moved passed the $0.2 resistance level and is hibernating comfortably on $0.25. It’s as if the angle of the chart is telling us that a major consolidation is coming, but we all know that it’s up to the bulls themselves to determine how much the XRP gains this week.
Resistance and support
The primary resistance for XRP was at $0.200 and $0.247, which the coin managed to beat without hesitation. Now though, there’s $0.302 resistance to challenge as the coin was last at this point in November 2019.
Should XRP break out from this downtrend, it’s completely possible for it to go as far as 2019’s highest price point of $0.479.
But should the newly established $0.247 support level fail, it’s likely for XRP to come crashing down again and continuing the downtrend for the foreseeable future.
Regardless of what may happen, it’s likely for XRP to be the star of the week, and probably the month as well.