The aggregated crypto market has incurred some intense upwards momentum today, allowing major altcoins like XRP to post notable gains
This latest upswing comes shortly after the cryptocurrency incurred a rally independent of the market yesterday
It is important to note that XRP has faced a notable rejection against its Bitcoin trading pair, forcing it to remain beneath a key trendline
Although XRP has been fully exposed to the downside seen by the aggregated crypto market throughout 2020, it was not able to fully mirror the intense gains seen by Bitcoin and many other digital assets during the early part of the year.
Its laggard price action is showing some signs of grinding to a halt, however, as it was able to post a notable upswing yesterday independent of the aggregated crypto market, while further extending this momentum today.
XRP did post a grim rejection at a key level seen while looking towards its Bitcoin trading pair, and some analysts are noting that this could be enough to stall its ongoing upswing and lead it lower.
XRP Faces Rejection at Key Technical Level
At the time of writing, XRP is trading up just under 6% at its current price of $0.22, which marks a notable climb from daily lows of under $0.20 that were set yesterday.
An interesting factor to consider is that the embattled cryptocurrency appears to have front-run this market-wide uptrend, as it was able to climb by over 5% yesterday as its buyers attempted to push it past the $0.20 resistance that it was previously facing.
It’s firm ability to break above this region is certainly significant from a technical perspective, but it has yet to surmount its 200-day moving average, even facing a rejection at this level while looking towards its Bitcoin trading pair.
One popular pseudonymous crypto trader spoke about this trendline in a tweet from yesterday, pointing to a chart showing that this exists around 0.00003 BTC. XRP is currently trading at 0.00002655 BTC.
“XRP daily chart – Taking yet another shot at breaking through that MA 200 area – Lower to upper BB today,” he said just prior to the rejection at this level.
Image Courtesy of Big Cheds
Will Bulls Garner Enough Strength to Break This Resistance?
All hope is not lost for the cryptocurrency’s bulls in the near-term, as one analyst recently noted that this latest rejection could lead the crypto down to a strong support level around 0.000025 BTC that ultimately boosts it higher.
“XRP: rejected at first resistance here and now consolidating… Targets still remaining the same to 3000 and 3300 sats,” he explained.
Image Courtesy of Crypto Michael
If it does rebound from this support and climbs as high as 0.000033, this would mark a firm break above its 200-day moving average, indicating that further upside could be imminent.
Featured image from Unsplash.