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Quick grip:
- Crypto Analyst, MagicPoopCannon, has updated its May 2020 analysis of XRP
- XRP has broken through the massive descending wedge that began in September 2018
- The bullish target of the descending wedge is now $ 0.80
- However, XRP may test $ 0.92 based on the 23.6% Fibonacci retracement of the latest bear market
Cryptocurrency analyst, MagicPoopCannon updated its May 2020 analysis of XRP in which it predicted that the remittance coin could come out of a wedge that had its genesis in September 2018. According to Magic, the falling wedge was broke and XRP is now in bullish territory.
… we can see that XRP has blown over a huge falling wedge pattern in July. Since then, we can see that XRP has returned 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 we can now see that XRP is making a serious upside turn.
Magic was referring to the following table along with his analysis of XRP.
XRP has potential for $ 0.80 and even $ 0.92
Additionally, he updated that XRP may go beyond the previous $ 0.77 forecast to test $ 0.80. There is also a possibility that XRP will move beyond this latter value to the 23.6% Fibonacci retracement level from the last bear market.
Based on the size of the file falling 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 at around 0.92. Hence, it is possible that XRP may rise well above the 0.80 level to test the 0.92 level. The MACD it is printing a strong upward expansion, increasing the likelihood of a push to higher levels.
$ 0.32 – $ 0.35 and $ 0.55 are the main hurdles for XRP
However, Magic has warned that XRP’s path towards the aforementioned price levels will not be smooth as there are several resistance levels in its path. To begin with, XRP has to break through the $ 0.32 to $ 0.35 price level. Second, $ 0.55 is another resistance area before $ 0.80 can be reached by XRP.
… We cannot forget the fact that there are several pin maximums that XRP will face in the near future.
They are all around the 0.32 to 0.35 levels. 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.
