Ripple: The new bullish cycle could push the XRP price to $ 0.92

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• In a new bullish cycle, Ripple’s XRP could rise as high as USD 0.92 according to analyst “MAGIC”.
• The crucial upside resistance could be $ 0.32, as well as $ 0.55 and $ 0.80.

Pseudonymous analyst “MAGIC” recently shared a very optimistic pricing analysis for XRP via Twitter. According to the trader, who has over 30,000 Twitter followers, XRP could complete the transition to a new bullish cycle. The target price for XRP could therefore be $ 0.92, the analyst said.

In a post via Trading View, the analyst explained that XRP exploded beyond a steeply falling wedge pattern on the daily chart in July. Since then, it can be seen that “XRP has traced back to the beginning of the file falling wedge pattern (in blue) and tested multiple times for support. Each time, XRP held the top of the falling wedge as support, and now we can see that XRP is making a serious upside turn, ”MAGIC said.

Source: https://www.tradingview.com/chart/XRPUSD/EIVKsoco-XRP-Appears-To-Be-Completing-Transition-into-A-New-Bull-Cycle/

Furthermore, the analyst believes that based on the size of the descending wedge pattern, the upside target should be around the $ 0.80 level. However, the 23.6% retracement for the overall bear market is around $ 0.92. In this regard MAGIC states:

Hence, it is possible that XRP may rise well above the 0.80 level to test the 0.92 level. The MACD is printing a strong upward expansion, increasing the likelihood of a push to higher levels.

However, before these levels are reached, there are some key peaks that XRP will have to contend with in the near future. According to MAGIC, these levels are all “USD 0.32 to USD 0.35”. As long as the resistances are eliminated, the next big resistance may not follow up to USD 0.55:

So if XRP can overcome those peaks (which I believe there is a high probability it will) it will pave the way for a run to the 0.55 level, where the next big resistance is. After that, we can expect a test of the 0.80 range. So while there are some strong resistance levels to contend with, I think XRP may be on the verge of the next powerful bull market we’ve all been waiting for.

At the same time, MAGIC is also being warned that XRP is just starting to form higher ups and downs. “So, the bear market seems to have ended, and we too seem to be exiting the transition phase into the next bullish cycle,” continues the analyst. However, the bull market can only be expected to be confirmed if XRP manages to break out of the highs mentioned above.

Currently, it can be said that Ripple’s XRP shows a rather below-average performance compared to Bitcoin (BTC) and Ethereum (ETH). Since the beginning of the year, XRP has gone from about $ 0.19 to the current $ 0.29, and thus “only” 57%. Conversely, the year-to-date (YTD) price increases of Bitcoin (+ 145%) and Ethereum (+ 270%) are much more impressive.