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A prominent XRP analyst and trader says the fourth largest cryptocurrency asset by market cap may finally enter a long-awaited bullish cycle.
The pseudonymous analyst named Magic says XRP recently broke over a symmetrical triangle dating back to September last year.
The advantage of the strategist target is between $ 0.80 and $ 0.92, which would represent an increase of approximately 173% from the current price of $ 0.30.
“Based on the size of the descending wedge pattern, I found that the upside target should be around the $ 0.80 level. However, the 23.6% retracement for the entire bear market is around $ 0. ,ninety two.
Hence, it is possible that XRP could climb well above the $ 0.80 level to test the $ 0.92 level. MACD (Moving Average Convergence / Divergence) is printing a strong upward expansion, increasing the likelihood of a push to higher levels. “
The analyst warns that XRP is facing several lines of resistance before it approaches its bullish forecast.
The XRP bulls will first need to show that they can break out of the $ 0.32 level and the $ 0.55 level.
The digital asset had a slow year compared to Bitcoin (BTC) and Ethereum (ETH). XRP started the year at $ 0.19 and spent most of 2020 between $ 0.17 and $ 0.25. It is currently up 57% this year, while BTC is up 145% and ETH is up 271%.
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Featured Image: Shutterstock / Gorev Evgenii
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