Earlier this week, Ripple XRP investors saw bearish price movements. The Ripple XRP cryptocurrency plummeted from a high of $ 0.34 to a low of $ 0.28. At the same level, Ripple XRP was able to find some support. Thus, this allowed her to regain her position above 0.30 dollars.
However, then, the unprecedented Squeeze of Bitcoin caused a shock in the cryptocurrency market. This led to a significant drop in XRP and other large altcoins.
Despite short-term bearish activity, one analyst noted that XRP was able to regain key multi-year support. He recently tested this support on the lower classes. Thus, a new opportunity appears for a massive uptrend.
Ripple XRP Rises Higher Following Recovering Bitcoin
At the time of writing, the Ripple XRP is trading at just under $ 0.275. This indicates a slight rise from recent lows of $ 0.26. Where were the biggest sales at the bottom.
It is important to note that Bitcoin loses a lot to Ripple XRP.
In the short term, $ 0.30 remains a key area that analysts are watching. A steady rise above this level is crucial for cryptocurrency. Upon overcoming this level, a steady uptrend will begin.
Some analysts, however, are still wary of the medium-term forecast of the Ripple XRP cryptocurrency.
Popular cryptocurrency trader and commentator Bitcoin Jack recently posted his tweet. He said that in his opinion $ 0.20 is a good starting point.
“$ 0.20 for $ XRP would be nice,” he said briefly.
$0.20 for $XRP would be nice
— //Bitcoin ?ack (@BTC_JackSparrow) February 20, 2020
A fall to these levels would not be unprecedented and something unexpected. Since she was already bargaining here, a little less than a month ago.
Can Bullish Defense at this key level lead to a massive uptrend in the Ripple XRP?
One recent event that matters in Bullish favor is a fact. The XRP rally over the past few weeks has allowed him to regain a key level of support. Which he lost during his fall to a minimum of 0.18 dollars.
Caltrades, a popular cryptanalyst on Twitter, said so in a recent tweet. He told his followers that another rebound from this key multi-year support from the $ 0.25 level could confirm the bullish reverse head-shoulders pattern.
“XRP fell through a 2-year support level, but bounced and broke through it.
I think many underestimate the importance of this.
If we get a return to this 2-year support again, I think that it will very, very quickly raise the XRP,” he explained.
$XRP fell through a 2 year support but bounced and just smashed straight through it.
I think a lot are underestimating the importance of this.
If we get a pull back into this 2 year support again I think it will catapult XRP higher very, very quickly. pic.twitter.com/yZU2BHEfns
— Cal▪️ (@caltrades_) February 20, 2020
Ripple XRP may try to start a further decline from its current price levels. In this case, he can show a strong defense of this multi-year level of support. This will be a strong indicator of the beginning of a massive uptrend. Thus, this level of support will simply force him to renew new one-year highs.