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XRP, like most major altcoins, has seen an intense selloff today that has been primarily driven by Bitcoin’s decline to lows of $9,500, with the benchmark cryptocurrency’s downtrend accelerating in the time following its violent break below $10,000. In the near-term, despite XRP’s overt bearishness, it is important to note that this downtrend may not last long, as the crypto is on the cusp of reclaiming a key technical level that could allow it to see further upside. As for how high the crypto could rally in the near-term, one analyst is noting that he is watching to see it revisit its recent highs within the lower-$0.30 region. Currently, the entire crypto market is facing turbulence as Bitcoin moves towards $9,500, with its break below $10,000 leading other cryptocurrencies to similarly break below key support levels. At the time of writing, XRP is trading down just under 8% at its current price of $0.277, which marks a notable decline from daily highs of $0.31, and a significant break below its previous support at $0.30. In the near-term, it does seem as though $0.275 is a slight support level that could allow the crypto to incur some momentum. Smokey, a prominent cryptocurrency trader, spoke about XRP in a recent tweet, in which he explains that he will flip bullish on the crypto if it is able to close its daily above $0.28, which would also mark a recapture of its 200-day moving average. If this bullish technical situation does play out over the coming several hours, it is possible that XRP will soon rally back up to its highs around $0.33. Bitcoin Jack, another well-respected trader and analyst, spoke about this in a recent tweet, showing a chart that shows a short-term upside target for the token at around $0.33, which would mark a roughly 16% climb from its current prices. Unless Bitcoin incurs any massive downside movement in the near-term, it does seem as though XRP’s ongoing downtrend could be fleeting.
All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/02/17/xrp-poised-to-see-major-upside-despite-todays-bloodbath-levels-to-watch-for/
#xrp #yahoofinance #preciobitcoinhoy #cryptocurrencynews #cryptocurrencyexchange #cryptonews #cryptoexchange
XRP Poised to See Major Upside Despite Today’s Bloodbath; Levels to Watch: https://www.youtube.com/watch?v=10mSXHX4Gok
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