This past week XRP saw an incredibly bearish retrace after struggling to maintain its position within the lower-$0.30 region, with its drop from its 2020 highs of $0.34 leading the crypto to plummet all the way to lows of $0.28 before finding any notable support.<\/p>\n
Now, however, the recent bullishness seen within the aggregated market has allowed XRP to once again surmount this key level, leading its technical situation to grow increasingly bullish.<\/p>\n
Analysts are now watching to see how the crypto responds to a few key technical formations, which could potentially lead it to rally to fresh 2020 highs.<\/p>\n
At the time of writing, XRP<\/a> is trading up just under 2% at its current price<\/a> of $0.30, which marks a notable climb from recent lows of under $0.28 that were set in tandem with Bitcoin\u2019s recent drop to lows of $9,400.<\/p>\n It does appear that the crypto is now facing some resistance at this level, and it\u2019s a strong possibility that it will continue struggling to gain a solid foothold within the lower-$0.30 unless Bitcoin is able to incur an upwards movement that leads the aggregated market to follow suit.<\/p>\n One factor that could help XRP solidify its position within the $0.30 region is a bull flag that it is currently trading within.<\/p>\n Nik Patel \u2013 a prominent cryptocurrency analyst and trader \u2013 spoke about this pattern in a recent tweet, pointing to a chart showing a near-term upside target of $0.315.<\/p>\n \u201cXRP flagging,\u201d he said while referencing the chart seen within the below tweet.<\/p><\/blockquote>\n $XRP<\/a> flagging pic.twitter.com\/t4Rknu4d1p<\/a><\/p>\n — Nik (@cointradernik) February 19, 2020<\/a><\/p><\/blockquote>\n\n