By Solomon Odunayo
At press time, Ripple’s digital token XRP is priced above $0.2 resistance level. Considering the general situation of the market, there is a possibility of further growth, but how soon still remains glooming.
However, a well-known cryptocurrency trader and analyst, Harry has recently hinted the possibility of XRP breaking above $0.33 resistance level, which he said could surface next week or the week after.
The cryptocurrency market is generally indicating a possible breakout as virtually all top coins strongly consolidate their price uptrend with little or no obvious downtrend. How long this would last is obviously not ascertained.
Harry Says the Next Price Target is $0.33
Harry, a spot market price action trader and chartist who basically analyses the XRP price trend has recently shared his thought about the possible price of XRP to expect in the coming week, relating his forecast to the chart he captioned.
In the tweet, he pointed out that XRP will end the week testing 6-month bearish resistance, which will be followed by a significant price surge to retest $0.33 next week.
He said, “XRP – Were going to end the week testing 6-month bearish technical resistance, will not be surprised to see XRP pushing hard on 33c next week possibly the week after. I’m really bullish on breakouts at this level x”
$XRP – Were going to end the week testing 6 month bearish technical resistance, will not be surprised to see XRP pushing hard on 33c next week possibly the week after. I'm really bullish on breakouts at this level x pic.twitter.com/Zv3ObsU58C
— Harry (@HaraldoXRP) January 11, 2020
XRP Price Action from its 2019 Yearly High
Any crypto analyst or enthusiast is liable to judge the general performance of digital currencies with his/her discretion.
The parabolic movement in the cryptocurrency market led by Bitcoin started getting obvious between April and May 2019. Virtually all the top coins including XRP experienced a significant price upsurge, the price which the majority of the crypto pundits thought would consolidate.
At a point around late June 2019, the majority of the XRP enthusiasts and crypto chartists envisioned the digital currency at breaking above $1 resistance once again before the end of 2019. Back then, XRP was trading somewhat around $0.5 price level.
Howbeit, the eventuality of the uprising was quite unfavorable as the price of Ripple’s digital token XRP started a notable retracement that seems to have bottomed recently at around $1.8 price region.
This devastating price nosedive was not limited to XRP. Other digital currencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC)and others also faced the price downtrend ordeal.
XRP recently experienced price resurgence, aiding it to presently settle above $0.2 resistance level, possibly for further appreciation. At the time of filing this report, XRP is trading at $0.212214, with a 0.06% price increase in the last 24 hours.
The Trend of Crypto Analysts and their Methods
Any price trend could play out at any moment in the cryptocurrency market, due to high price volatility that abounds. In-house crypto traders and investors are fully aware of this fact.
Analysts could sometimes be right or wrong in their predictions. Many of them infer their conclusions of the possible price expected from the comparison of the past and present price actions.
Some also apply time and occurrences based on the history of any coin under review. While some fully apply their agelong experiences as traders, which often work for them and their followers. In a nutshell, crypto analysts are liable to make mistakes. Traders and investors in the crypto space should bear this in mind.