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Why This Trader Expects XRP to Hit $0.75 in The Coming Weeks

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Why This Trader Expects XRP to Hit $0.75 in The Coming Weeks

NewsBTC1 month ago
Published on August 13, 2020 04:00 GMT+0edited on August 13, 2020 04:03 GMT+0

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  • XRP’s price has been facing growing selling pressure, which has caused it to lose the momentum that was previously driving it higher
  • It now appears to be well-positioned to see further short-term downside, as the cryptocurrency has been struggling to break above its resistance at $0.30
  • Despite this short-term weakness, analysts still believe that the token could be poised to see some notable upside in the coming weeks
  • One trader is noting that its market structure suggests a sharp move up towards $0.75 is imminent in the near-term

XRP has been experiencing some turbulence throughout the past few days and weeks, with its price attempting to kick off a parabolic rally but being met with significant selling pressure.

This has led it to see stagnating price action, with it now being stuck …