After facing a swift selloff overnight, the aggregated crypto markets have been able to post a strong recovery today, with XRP and most major altcoins surging as Bitcoin reclaims its position within the lower-$8,000 region after briefly dipping to $7,800.
Analysts are now noting that XRP’s recent price action has allowed it to form robust technical formations that are likely to bolster its price action in the coming days and weeks, which could mean that significantly further gains are imminent.
XRP Surges Over 7% and Attempts Channel Breakout
At the time of writing, XRP is trading up nearly 7% at its current price of $0.253, which marks a significant surge from its recent lows of under $0.24 that were set yesterday during the sell-off that sent Bitcoin and most other cryptos reeling down.
XRP’s latest surge has marked the first notable surge since its massive drop in mid-September that sent it plummeting from highs over $0.32 to lows of $0.23 and may be emblematic of improving technical conditions that could ultimately bolster its near-term price action.
Trading Room, a popular cryptocurrency analyst group on Twitter, explained in a recent tweet that XRP is currently on the verge of breaking out of a long-established trading channel, with confirmation of an upwards break pointing to the possibility of significantly further gains in the coming days and weeks.
“#XRPBTC: Attempting Channel Breakout. 3283-3383 Next Resistance. If this area HOLDS expect a retest of the up-trend Line which is where XRPBTC is a Strong BUY. Not much Resistance above 3400,” Trading Room noted while pointing to the below chart.
Big Cheds, another popular crypto analyst on Twitter, also spoke about XRP in a recent tweet, noting that the recent bull push has led to the formation of a “pseudo tower bottom.”
“$XRP #Ripple – daily – Bulls making noise with a break of Sep 18th highs (BTC pair) – USD pair forming a pseudo tower bottom,” he said.
If XRP wants to further extend its recently incurred upwards momentum, it is imperative that Bitcoin continues climbing higher, as a decisive break below $8,000 for BTC could spark a violent sell off that gravely impacts altcoins like XRP.