After a troubled week on the cryptomarkt, XRP knows how to stand remarkably well. The course is currently moving around the psychological limit of 3 dollars. Yet the image is far from clear. Analysts warn of a possible relapse in the short term, although a promising breakthrough will be in the longer term.
Crucial resistance holds
The XRP course has been fluctuating between 2.85 and $ 3.10 for days. On Monday, De Munt started a recovery from $ 2.83 and reached a peak of $ 3.08 on Wednesday, an increase of seven percent.
According to analyst Ali Martinez, however, the resistance around $ 3.10 is a persistent obstacle. XRP was now rejected at that level for the third time in a short time. Martinez sees a pattern that may indicate a repetition of previous movements, whereby the course always fell back to the bottom of the current trading range.
If XRP loses the support at $ 3.00, a relapse to $ 2.83 is obvious. That would amount to a decrease of almost six percent.
According to Martinez, it still seems to look good when we zoom out. Although he warns a possible correction in the short term, he does not exclude a powerful outbreak in the following weeks. On August 25, he shared a race chart in which he predicted that XRP could be ‘soon’ to rise to $ 3.70. According to that analysis, that scenario could even occur in mid -September.
Repeats XRP scenario of 2017?
It is interesting that XRP currently seems to be in a technical formation that is reminiscent of 2017. At that time, the coin consolidated for months between the old all-time high and a new support zone, and then explosively breaking out.
According to analyst Galaxybtc, XRP is currently in a similar pattern. Since November, the Mint stands above 1.70 dollars and builds slowly towards the old peak value of 3.65 dollars. If this pattern continues, a substantial outbreak would be possible as soon as XRP closes above the previous all-time high.
Source: https://newsbit.nl/xrp-balanceert-rond-3-dollar-analisten-zien-kans-op-correctie/
