XRP Could ‘Explode Higher’ if Crypto Market Marches Higher – Analyst

December 17, 2020 Editor Ethereum 0

Quick take:

  • XRP is experiencing double-digit gains in the last 24 hours
  • The remittance coin bounced confidently from the $0.45 support zone
  • XRP has reclaimed multiple support zones including $0.55
  • According to MagicPoopCannon, XRP could explode higher if the market continues to march higher as a whole

A quick glance at Coinmarketcap.com reveals that the remittance coin of XRP is ahead of Bitcoin, Ethereum and Litecoin in terms of 24-hour gains. The screenshot below of the top 5 digital assets according to market capitalization further demonstrates this fact.

XRP Bounces off the $0.45 Price Area

XRP’s impressive 24-hour journey, has its genesis at the local bottom of $0.435 set early yesterday, December 16th. After the dip to this level, XRP recaptured the $0.45 support zone that had been highlighted by crypto analyst MagicPoopCannon. Magic had identified it as a crucial level that would determine the short-term fate of the remittance coin.

XRP has since experienced a local high of $0.58 signifying a 33% increment from the aforementioned local bottom. At the time of writing, XRP is trading at $0.562 in what looks like consolidation in preparation for a second push up.

XRP Could Explode Higher if the Market Marches Higher

In an update to his earlier analysis of XRP, MagicPoopCannon forecasted that XRP could ‘explode higher’ if the crypto market continues with its current bullish momentum. Magic’s statement was shared via Twitter and can be found below.

XRP is the only top coin down over the last 7 days. While that might sound negative, it had a very healthy retrace exactly to the 61.8% mark, after a powerful rally to about 0.90. XRP could explode higher, if the market continues to march higher as a whole.

XRP’s Twitter Mentions Have Increased by 152% since November

XRP’s Twitter mentions have also seen a drastic increment due to the hype surrounding the Flare Networks snapshot that happened on the 12th of December. According to data from eToro US, the 30-day average number of Twitter users mentioning XRP on a daily basis has increased by 152% from 1,62 to 4,084 since early November.

eToro US shared their analysis via the following tweet. XRP’s increased Twitter mentions could be a sign that the remittance coin has a bright future ahead.

XRP’s Fate is Tied to Bitcoin’s

As with all analyses of altcoins such as XRP, traders and investors are reminded that the remittance coin is heavily correlated to Bitcoin. This, in turn, means that for XRP to thrive, Bitcoin has to experience some sideways movemenet or moderate volatility in either direction.