The crypto markets have once again incurred significant buying pressure that has allowed them to climb higher, with Bitcoin surging into the $9,000 region while most major altcoins have climbed slightly. XRP has been the best performing crypto of the day, surging over 6%.
Analysts are now noting that XRP has been able to break out of a pennant it had previously formed, which likely means further price gains are imminent.
XRP Surges to $0.44 As Buying Pressure Mounts
At the time of writing, XRP is trading up over 6% at its current price of just below $0.44 and is up significantly from 24-hour lows of $0.40.
This latest surge marks the first big price movement XRP has incurred over the past couple of weeks and has allowed the crypto to catch up to many other major altcoins that have been posting major gains as of late.
XRP has not yet revisited its one-month highs, however, which were set in late-May when it ran to highs of $0.47. In the time since, it has been drifting lower, finding strong support around $0.40.
Analysts are now noting that this upwards movement could extend further due to a bullish technical formation, which could lead it up towards $0.50.
“$XRP: HERE WE GOOOOO! Broken the pennant I have been monitoring. I expect us to test the long term resistance from April 2018 (Not in one candle but at stages) – Could be between 49 – 45 cents. Once this break, there will be serious fomo and rewarding profits,” The Cryptomist, a popular analyst on Twitter, explained in a recent tweet.
HERE WE GOOOOO! 😊
Broken the pennant I have been monitoring
I expect us to test the long term resistance from April 2018
(Not in one candle but at stages) – Could be between 49 – 45 cents
Once this break, their will be serious fomo and rewarding profits 😊 pic.twitter.com/vtpda1Ff1v
— The Cryptomist (@TheCryptomist) June 16, 2019
Analyst: Ripple May Have Significantly Further Room to Climb
The latest upwards surge is not entirely unexpected, as Galaxy, another popular crypto analyst on Twitter, explained in a tweet from last week that he believes there is a strong chance that XRP could surge towards 0.0001 BTC, which is over double its current price of 0.00004735 BTC.
“Double bottom, followed by an easy 2x. Soon / $XRP,” he noted.
Double bottom, followed by an easy 2x.
— Galaxy (@galaxyBTC) June 10, 2019
As the week kicks off and Bitcoin continues leading the crypto markets upwards, it is probable that analysts and investors will gain a better understanding of where altcoins, like XRP, are heading next.
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