XRP and the majority of other major altcoins have been able to develop firmly bullish market structures over the past few weeks, which has been driven by the massive 2020 uptrend that the crypto market is currently caught within.
XRP – which is currently coming off of an incredibly rough 2019 – has been able to gain a solid foothold within the $0.20 region and is beginning to incur a confluence of bullish technical factors.
One analyst believes that these factors could help propel the cryptocurrency up towards its 2019 highs against its Bitcoin trading pair.
XRP Consolidates as Crypto Market’s Bulls and Bears Remain at an Impasse
At the time of writing, XRP is trading down marginally at its current price of $0.232, which marks a slight decline from its daily highs of $0.235 that were set prior to an early morning sell-off that sent the crypto reeling to lows of $0.22.
Bulls were able to post a strong defense of this level, signaling that they still have strength in spite of its recent rejection at $0.25.
The cryptocurrency’s recent uptrend has come about in tandem with the upswings seen by Bitcoin, Ethereum, and most major altcoins, as it has developed a strong correlation with the aggregated markets.
This correlation, however, could soon break as its technical strength begins shaping up.
One analyst on Twitter who goes by the name CJ, recently told his 12k followers that he is watching for a break above XRP’s midrange equilibrium (EQ) as a potential catalyst for a significant movement to as high as $0.40.
“XRP – Current view,” he said while pointing to a chart showing his aforementioned target.
— CJ (@IrnCrypt) January 19, 2020
The Next Major Rally Could Occur in the Coming Two Weeks
It is important to note that CJ isn’t the only analyst currently eyeing significantly further near-term upside for XRP.
CryptoGainz – another popular analyst – told his followers in a recent tweet that he believes XRP could soon rally to highs of 0.0003715 BTC, which would mark a notable climb from its current BTC price of 0.00002683.
— CryptoGainz (@CryptoGainz1) January 20, 2020
According to the chart he references in the above tweet, this major upswing could take place in the coming few weeks.
While considering these bullish technical factors, it does seem to be increasingly probable that XRP will soon break its close correlation to BTC and incur some massive independent momentum.
Featured image from Shutterstock.