Ripple (XRP) has astoundingly rallied by 15% in the past week despite a recent rejection at $0.21.
The 4th ranked cryptocurrency traded to a new monthly high at $0.2118 before starting a downside correction, which led to a break below $0.2050. XRP prices even dropped below $0.1950, but the $0.1920 level acted as strong support.
More significantly, the bears attempted to break down the support near $0.1920, but they failed twice. It now seems like there is a major bullish flag forming near $0.2050, which is acting as a significant buy zone.
It’s Now or Never for XRP
XRP shows signs of life at its current price of $0.197 on Bitstamp, with key indicators revealing that the asset has reached a pivotal moment where a decision must be made.
Ripple executives have infamously sold down XRP rallies, which has kept the altcoin locked in a downtrend for almost three years. The token even lost its third-rank by market cap to stablecoin Tether in recent weeks.
However, looking more closely at the asset’s long-term price charts reveals that indicators are primed for a major move.
The Bollinger Bands in the chart below reveal that just one defense line is currently separating XRP from another remarkable surge: the mid-line Bollinger Band.
As can be clearly seen in the chart, prior to Tezos claiming the mid-line, an extensive period of the bands “squeezing” was observed just before the massive price explosion.
The same thing is happening once again, and the altcoin is just below the middle-line on the BTC trading pair.
If XRP can reclaim and hold this line, it could be set for a potentially amazing rally towards $0.22 in the near-term.
XTZ Shows Immense Signs of Strength
As we discussed recently, XTZ has managed to make some strong gains against the US Dollar in the last few days, with the asset hitting a new monthly high of $3.052 in yesterday’s sessions.
The 13th ranked cryptocurrency even rallied as high as $3.15 overnight but found some overwhelming resistance at this price level. At press time, XTZ is trading down about 0.5% on the hourly chart at $2.816.
Despite the current downtrend, analyst Josh Rager argues that Tezos has managed to break above multiple crucial resistance levels from its low of $2.40 set last week, and a flip of these levels into support could be enough to fuel a fresh rally.