This rebound has led XRP to push against the $0.25 level, which has long been a strong resistance level for the cryptocurrency.
The strength of today’s push has also led one prominent trader to note that he believes a break above this level is imminent, which could mean XRP is on the cusp of seeing some intense upwards momentum.
Bitcoin’s Stability Allows Crypto Market to Incur Some Decent Momentum
Throughout the early part of this week, Bitcoin had been caught within a bout of sideways trading that had led the cryptocurrency to trade around $8,700 for a prolonged period of time.
The resolution of the lackluster price action was bullish, however, as the crypto was able to rally past its key resistance at $8,900. This upwards breakout led BTC as high as $9,200 before it found some strong resistance, which has now led it to stabilize around $9,100.
This stability has given many major altcoins the chance to climb today, with XRP jumping over 1.5% to its current price of $0.244, while Ethereum has climbed nearly 3%.
XRP To See Upwards Breakout if It Pushes Through This Key Level
Although XRP’s gains today have been tempered, it is important to note that it is currently trading at its highest price levels seen over the past week, and $0.25 has been a strong resistance level for the cryptocurrency in the time following its drop below $0.30 in late-February.
The ongoing test of this key resistance level has led one analyst to grow bullish on the token, who notes that a decisive movement above this level could potentially lead it up towards $0.30.
Crypto Michaël, a prominent cryptocurrency analyst on Twitter, spoke about this level in a recent tweet, explaining that he is targeting a near-term movement up to $0.27 if XRP is able to break above $0.25.
“XRP: Looks like we’ve got a slight breaker here. USDT pair looks ready for a move towards $0.27. The $BTC pair holding support here and looking eager for movements towards 2850-2880 and perhaps 2980,” he explained while pointing to the chart seen below.
Looks like we’ve got a slight breaker here. $USDT pair looks ready for a move towards $0.27.
The $BTC pair holding support here and looking eager for movements towards 2850-2880 and perhaps 2980. pic.twitter.com/MIsadDA212
— Crypto Michaël (@CryptoMichNL) March 6, 2020
If Bitcoin remains stable around its current price levels, it is highly likely that the momentum seen amongst major altcoins will help lead tokens like XRP to smash through the key resistance levels that they are currently testing.
Featured image from Shutterstock.