Is XRP’s Recovery the Sign of a More Significant Surge? In our previous XRP news, we talked about how the token has crossed the 100 days moving average for the first time in more than two years.
It is now close to the weekly candle close. The Blockfyre analyst said that XRP closed the highest in a week for the first time in a long time.
In his words;
“$XRP just had it’s highest weekly close since the market started making a higher high for the first time in 959 days. It reclaimed the .30c level that had acted as resistance in 2017, support in 2018, and now reclaimed. This should be the official start of its bull run.”
At the time of writing, the price of XRP was $0.311240. This means that it is up by 4.28% against the USD and up by 1.80% against Bitcoin BTC. The trading volume over a 24 hour period is $2,595,497,955 and the market capitalization is $13,980,486,726. Pentoshi has always been bullish about XRP. A while ago, he said that a massive bull run has appeared on the charts and the token might have what it takes to move as high as $1. In his words;
“You despise money if you don’t own XRP. The 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 Midterm (2-3 months) .93c.”
- Several XRP Analysts Predict a Major Surge for XRP Near-term
- The Current Price Surge for XRP is the Beginning of Greater Things to Come According to Analysts
Ripple has been on fire since the beginning of trading today and many major traders believe that this is just the start of a more significant bull run. Even if XRP has a reputation for stalling while other tokens are surging against the USD, the token has gained by more than 50% against the USD. In some cases, like today, for example, the token has outperformed Bitcoin and many other altcoins. One analyst in particular has advised XRP holders to expect a major surge soon.
Not Everyone Believes That XRP Has a Bright Future
While Pentoshi and many other analysts are bullish about the XRP token, there are still many people who believe that XRP is bearish. This isn’t just limited to XRP, not everyone believes that Bitcoin and the rest of the cryptocurrency market are bullish. One trader said;
“I must be the only person on Twitter who is massively exposed to the upside in stocks and #bitcoin yet doesn’t think this is an actual bull market. Feels more like a hyped top than a bottom and maybe this is 2020 and everything I thought I knew I don’t. I just don’t like it when people tell me 24/7 that fundamentals have never been better. When in fact they were the same today as at both the 3000 bottoms.”
Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.