It\u2019s no secret that XRP has a track record of seeing incredibly poor performance over the past several days and weeks, with the embattled crypto posting fairly consistent losses throughout 2019 while struggling to match the massive gains seen by many other major altcoins in 2020.<\/p>\n
It is important to note that this lackluster price action may soon be coming to an end, and there\u2019s a surprising catalyst that could drive its next major parabolic rally.<\/p>\n
This covert factor \u2013 coupled with an incredibly bullish technical formation that the crypto is currently caught within \u2013 suggests that the coming few weeks and months could be incredibly bullish for XRP.<\/p>\n
At the time of writing, XRP<\/a> is trading up just under 1% at its current price<\/a> of $0.24, which marks a notable climb from daily lows of just over $0.23.<\/p>\n It is important to note that the cryptocurrency is currently trading off of daily highs of $0.245 that were set earlier this morning, but its buyers do seem to be firmly in control of its current price action<\/a>.<\/p>\n One factor that could have an impact on the crypto\u2019s price action in the near future is the listing of a new contract<\/a> on popular trading platform BitMEX, which will allow users to long or short XRP using BTC as collateral.<\/p>\n This contract \u2013 which is referred to as a swap \u2013 will be introduced on February 5th.<\/p>\n Bagsy \u2013 a crypto trader on Twitter \u2013 explained in a recent tweet that the timing of this contract\u2019s launch coupled with XRP\u2019s ongoing attempt to break its multi-year USD downtrend could mean major volatility is imminent.<\/p>\n \u201cBitmex is releasing a contract that allows a user to long or short XRP USD using BTC as collateral. Timing is interesting with how price is breaking out of downtrend on USD pair,\u201d he noted.<\/p><\/blockquote>\n Bitmex is releasing a contract that allows a user to long or short $XRP<\/a> USD using $BTC<\/a> as collateral. Timing is interesting with how price is breaking out of downtrend on USD pair.<\/p>\n — Bagsy (@Bagsy) February 1, 2020<\/a><\/p><\/blockquote>\n\n