By Tobi Loba
A popular pseudonymous crypto analyst and trader, Pentoshi, has pointed at the key level that the 4th largest digital currency by market capitalization, XRP, must attain to print its long-awaited price bull run.
In a tweet shared on 26th October, Pentoshi stated that XRP has clearly experienced slow growth year-to-date compared to the top cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), but it has the potential to catch up in the coming weeks.
Captioning an illustrative chart, Pentoshi tweeted, “XRP It’s bull run starts above .30-.33c 17′ resistance. 18′ support. Rounding off on the weekly. Just not quite there yet though. Maybe in a week or two it can close above BTC allowing. But for now it’s lagging.”
Read Also: Opinion That Says XRP Could Become the World’s Reserve Currency Meets Mixed Reactions
According to the illustrative chart shared by the crypto analyst, XRP is forming a bullish reversal pattern that is capable of aiding the digital token to end its relatively 3-year-long bear market.
Additionally, Pentoshi pointed out that XRP has tagged resistance between $0.30 and $0.33 several times already. So, he thinks the Ripple’s digital token could break above the area on the next attempt.
He wrote, “Honestly looks close though. I doubt that area acts as resistance if hit again.”
XRP in the Market
XRP has not printed any notable price surge since the beginning of 2020, while traders and investors continue to hope for the day XRP will experience a price breakout.
According to CoinMarketCap, Ethereum (ETH), the second-largest cryptocurrency has gained over 190% year-to-date, as it’s at press time trading at $387.79.
Read Also: Ripple: Over 20% of All Transactions on RippleNet Now Involves XRP
On the other hand, Bitcoin (BTC), the largest digital currency, has gained over 80% YTD. Meanwhile, XRP managed to experience around 30% price surge since the start of the year.
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