In a speech made on October 24, Chinese President Xi Jinping publicly spoke about blockchain technology for the first time, citing that China must embrace blockchain technology to boost the innovation of major technologies in China.
Although there was no mention of bitcoin or crypto, the subtle affirmation that digital currencies are not going anywhere from the leader of the second-largest economy in the world triggered a monumental recovery for the crypto markets. As bitcoin surged past $10,000, haters like Peter Schiff who recently predicted a drop to $2,000 had their opportunity to ponder on the might-have-been.
However, as bitcoin posted impressive gains, XRP has been unable to hold above $0.30, which was previously a support level but has now turned to a persistent resistance. Despite this not-so-impressive performance, XRP has notably recovered from recent lows around $0.24 and one analyst predicts an inbound rally.
XRP Price Trends Weakly But Crypto Analyst Anticipates An Explosion
At press time, XRP is trading at $0.294582 which is a noticeable drop from highs of above $0.30 that was witnessed at the same time that bitcoin and other cryptocurrencies posted huge gains. Ripple’s XRP has bounced from recent lows of $0.28. However, it has been unable to mirror bitcoin’s performance as it’s down by at least 1.30 per cent against the benchmark cryptocurrency.
After plunging to as low as $7,300 last week, bitcoin was able to rebound to a sessional peak over $10,500. XRP could not muster a rally of the same degree but crypto analyst going by the name CryptoGainz believes XRP could be readying for a meteoric rally soon. When this happens, XRP will breach the $0.30 resistance level and set new records. Captioning a chart that shows XRP’s blossoming technical fundamentals, he said:
“Uhh, $xrp is a powder keg here… when this pops, it’s going into the heavens.”
Two Catalysts That Will Likely Trigger XRP’s Move Past $0.30
Although the recent uptrend in the cryptocurrency market did not remarkably impact the price of XRP, a deluge of positive news from the annual Swell conference that is only two weeks away can swiftly change that and boost XRP’s price in the near term.
Secondly, if bitcoin’s move uphill continues in the coming week, we will likely see this surge lift other major coins like Ripple’s XRP. As seen often when bitcoin rallies, other top cryptocurrencies tend to follow closely behind.
Put simply, bullishness in the overall crypto market and a slurry of positive news regarding XRP could jumpstart XRP’s rally past $0.30 in the next couple of days.
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