After a brief period of trading above its long-established resistance level at $0.30, XRP has once again fallen back into the upper-$0.20 region, which may mean that it is in for an extended bout of sideways trading.
Analysts are still optimistic, however, that the cryptocurrency could see further gains in the near-term, with one analyst setting a target at $0.45 – which would mark a significant surge from its current price levels.
XRP Struggles to Hold Above $0.30
At the time of writing, XRP is trading up just under 1% at its current price of just under $0.30, which is around where it has been trading for the past several days.
XRP’s inability to decisively close above $0.30 does signal that bears still have strength in spite of the crypto’s recovery from its multi-month lows of $0.24, but it is important to note that any notable break above this level could spark a major uptrend for the embattled crypto.
Loma, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that he believes a break above $0.30 could be sparked by the ongoing Ripple Swell conference, but further adding that there is a decent chance that XRP does not incur its annual “Swell pump” this year.
“$XRP: Taking a look at the USDT-pairing and I’d say we have at most 10% leading into Swell and that’s IF price clears the 30c resistance. Swell might be an absolute BUST this year,” he explained while pointing to the below chart.
Taking a look at the USDT-pairing and I’d say we have at most 10% leading into Swell and that’s IF price clears the 30c resistance.
Swell might be an absolute BUST this year. pic.twitter.com/nbhjLoXMD0
— Loma (@LomahCrypto) November 5, 2019
Could Embattled Crypto Target $0.45 in Near-Term?
Although Loma believes there is a decent chance that XRP does not break above $0.30 in the near-term, Eric Choe, another popular cryptocurrency analyst, believes that if the crypto holds above its current price levels, a movement to $0.45 could be in the cards.
“#xrp #ripple If red box can hold, possible $0.45,” he concisely noted while pointing to the chart seen below.
If red box can hold, possible $0.45. pic.twitter.com/UqBoNsX7nu
— Eric Choe [Mr. Swing Trade] (@CryptoChoe) November 6, 2019
As Swell continues on and as XRP trades sideways around $0.30, it is highly probable that it will quickly grow increasingly clear as to whether or not it will be able to gain enough momentum in the near-term to send it towards $0.45.
Featured image from Shutterstock.