XRP has been severely impacted by the recent market-wide downturn, with the third-largest cryptocurrency by market capitalization briefly falling behind the Tether (USDT) stable coin last week when its price plummeted below $0.10.
This bearish price action has shown some signs of dissipating, however, as the crypto is now in the process of exiting a consolidation phase that could lead it into its next bullish price cycle.
In order for this possibility to be confirmed, however, it is imperative that bulls maintain XRP above its current price level.
XRP surges 11% as crypto market erases some of its recent losses
At the time of writing, XRP is trading up just under 12 percent at its current price of $0.16, which marks a notable climb from daily lows of $0.14.
It also marks an even more significant climb from its weekly lows of just under $0.10 that were set last Thursday during the immense market-wide selloff that was catalyzed by Bitcoin’s decline to lows of $3,500.
It now appears that bulls are in the process of stepping up to try to break Bitcoin’s close ties to the global markets, as BTC and virtually all major altcoins are currently outperforming the Dow Jones and S&P 500, which are both trading up just under one percent.
If Bitcoin is able to further extend this momentum as it attempts to gain a solid foothold above $6,000, it is highly probable that other cryptocurrencies including XRP will also be able to surge higher.
Is the embattled crypto entering a new price cycle? This analyst thinks so
Michaël van de Poppe – a prominent cryptocurrency analyst who trades by the moniker “Crypto Michaël” on Twitter – explained to his followers that XRP could be in the process of entering a new price phase that could lead it to rally 100%.
“XRP: Cycles take longer. BTC cycle 2012-2014 & 2014-2018. XRP copying the previous cycle, but only twice as long? Final support before $0.06. Holding here and we could surge to $0.32. Peak BTC cycle to be in 2024-2026 rather than next year.”
If the ongoing upswing in the crypto market proves to be unsustainable, it is possible that XRP will visit its bedrock support at $0.06, but it does appear that bulls are gaining some momentum, suggesting that it is more likely that it sees further near-term upside.
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