The cryptocurrency continues to show some signs of weakness as it stays just below that level, and the downtrend seen throughout the aggregate cryptocurrency market this morning could lead to a further short-term decline.
However, there is one level that could send XRP in the whirlwind of an intense bullish market, which has led one analyst to note that a break above that level could result in gains of 300%.
The underperformance of Bitcoin
At the time of writing, the XRP is trading at just under 1% at its current price of $ 0.195, marking only a slight drop from its daily highs.
This weakness emerged after Bitcoin faced another $ 7,700 rejection, which points to some major weaknesses in the aggregate cryptocurrency market.
$ 0.20 was found to be high resistance.
This upturn happened in early April and was followed by a big sell-off that sent the cryptocurrency down in price.
In the short term, the direction in which the next crypto trends will take will depend heavily on the way Bitcoin grows to the $ 7,500 level.
Here is the level that can unfold the next parabolic rally of cryptocurrency
XRP bulls have some work to do if they want the cryptocurrency to go up.
Recently, a Twitter analyst noted that $ 0.33 is a key level for the bulls, which must be surpassed if they want to trigger a parabolic uptrend.
He also notes that cryptocurrency shows signs of short-term weakness, which means that this level may not be reached again for quite some time.
Whether cryptocurrency is able to overcome this level in the coming months is likely to depend to a large extent on what Bitcoin’s future trends are.