Yesterday saw the leading cryptocurrency fall below $10k for a short while in a flash crash but luckily, today we saw some upward movement and now Bitcoin is back above the $10k key resistance level.
But Bitcoin isn’t the one who’s seen an increase. XRP has been able to climb from its recent lows of $0.28 and analysts are highlighting that it might be preparing for some more significant gains soon.
It’s worth noting that Ripple’s flagship token is up significantly from its recent lows of under the $0.24 and it has increased it’s upwards momentum over the past few days that could extend further in the near-term.
One crypto analyst on Twitter under the name, Loma spoke about this in a recent tweet saying that it is currently testing support and that if it can hold above its near-term support then more gains could very well be on the table.
“$XRP: Perfect test of support so far, I’m interested in how we close this daily candle though. Lots of time left. So far, so good. I added onto my position from 2900-2950. Sitting comfy in profit right now.”
Before we go any further, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Another popular cryptocurrency analyst on Twitter, Josh McGruff, explained in a separate tweet:
“$XRP showing some promise. Broke the OBV downtrend on the 4HR and flipped into a bullish trend on 4H. Hit its head on the 1D Resistance cloud. Would like to see it come back and retest 2800ish. I’m not overall ‘bullish’ until it is on at least 1D.”
It will be interesting to see how this plays out and what will happen in the short term for XRP. For more news on this and other crypto updates, keep it with CryptoDaily!