XRP has gained more than 37% since the beginning of July and had one of the best performances during this week’s cryptocurrency rally.
Several cryptocurrency analysts are saying that XRP will hit a significant resistance hurdle after the asset outpaced bitcoin during this week’s rally.
XRP, which ranks third by market capitalization, was one of the best performing currencies during the most recent price recovery, which took bitcoin above $ 11,000. According to several analysts, the break led the asset to approach a significant weekly resistance, which could signal the currency entering an even bigger race if overcome.
Popular cryptocurrency trader Cold Blooded Shiller posted a tweet on July 28, claiming that XRP’s previous price jumps occurred when the currency was above its estimated 200 daily moving average. The trader said historic bombs averaged 33%, which would pit the currency against “extremely significant” weekly resistance.
$ XRP only really ramps up the pumps when it’s above the Daily 200EMA. Both of the last major moves really kickstarted once this was achieved.
Past pumps average 33% so if we look at the same for this move we land right up against the hugely significant Weekly resistance. pic.twitter.com/ulyZKmqWoq
– Cold Blooded Shiller (@ColdBloodShill) July 28, 2020
“$ XRP only really increases pumps when it is above the 200-day daily average. Both the last big moves really started, once that has been achieved.
Passed bombs averaged 33%; therefore, if we consider the same for this movement, we will land against the huge weekly resistance. ”
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Despite hitting its highest price within four months, other analysts are concerned that the XRP may have reached this week’s bullish rally.
Technical analyst Cactus tweeted on July 29 that the XRP had one of the “worst charts” among the major crypts and pointed out significant resistance to the asset at $ 0.25. The crypto analyst was skeptical of XRP in the short term and said the asset had more to prove before it became “really optimistic”.
$ XRP / USD
One of the worst looking charts in my opinion, even though we have seen some upside over the past month this really doesn’t matter considering we are yet to break $ 0.25…
This region needs to be taken out and flipped before you can be really bullish, LTF rejecting. pic.twitter.com/8dgTwcmsxU
– Cactus (@TheCryptoCactus) July 29, 2020
“One of the worst looking charts in my opinion is that of the XRP, although we saw some appreciation last month, it doesn’t really matter, considering that we haven’t yet broken the $ 0.25 barrier…
This region needs to be broken and inverted so that we can be really optimistic, rejecting the LTF. ”