XRP overcomes resistance of $0.30
The XRP has been struggling for several weeks to break a significant level of short-term resistance that exists around $0.30. This price range has shown great selling pressure, which causes the price to fall to the $0.20.
Now, after week just touching $0.30, the coin has managed to break the resistance.
A prominent cryptocurrency analyst commented that now is the decision time for XRP and that markets will soon know whether the highly anticipated “Pump Swell” will actually materialize.
So far, XRP is trading 1.2% at its current price of $0.301, marking a noticeable increase over recent lows of approximately $0.29.
Ahead of the meteoric rally that took place with Bitcoin and some other major altcoins late last week, XRP had been performing relatively well compared to other cryptocurrency assets, although its inability to rise above $0.30 has led many analysts to believe that bully movements were weak.
Luke Martin, a famous trader and analyst, explained that he believes the chance of XRP having a pump based on the next Swell event has passed and that we would be close to more losses.
Wrapping up this thread as I don’t have any interest in $XRP anymore.
The meme worked all the way through October until Bitcoin took off. Did not reach the final 4000 sat target.
Back to where it started. Maybe next swell! pic.twitter.com/bsAp7jw15m
— Luke Martin (@VentureCoinist) October 27, 2019
“Concluding this topic, since I have no interest in $XRP anymore. The theme worked until October until Bitcoin took off. The coin did not reach the final goal of 4000 sat (satoshi). Now we go back to where it started. Maybe in the next swell!”
Despite this sentiment, other analysts are still noting that XRP may have a short-term high, as the currency is trading above its resistance value in recent hours, indicating that we may have a late rise with the promised swell movement.
See where to buy the Cryptocurrency XRP
Loma, another popular cryptocurrency analyst, explained in a recent tweet that XRP has reached a decision point and that its short-term price action will likely determine whether or not Swell’s pump will be a success this year.
For my USD-pairing friends.
Also drawn a few days ago.
H4 TF looks like we’re about to find out if Swell is going to be a success or not.. pic.twitter.com/svtBle5DMp
— Loma (@LomahCrypto) October 29, 2019
XRP is a project that focuses on institutional investors. Therefore, its main objective is to ensure that this group is given up. Recently several news linked XRP to new companies that would be adopting xRapid and xCurrent solutions.
In addition, cryptocurrency has a community quite true to its ideals, known as XRP Army.
Unfortunately, still with these elements, the currency is suffering at this level of resistance. And as analysts pointed out, we don’t have an exact certainty of a possible high. Therefore, be careful when making an investment in relation to this currency.
Remember to always search well before purchasing any cryptocurrency, especially during high cycles.
See also: A tribute from the Bitcoin Guide and the community to Guto Schiavon
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