A popular XRP analyst and trader says the fourth largest crypto asset by market cap may finally enter a long-awaited bull cycle.
The pseudonymous analyst, known by the name Magic, says XRP recently crossed a symmetrical triangle from last September.
The strategist is upside down target is the range from $ 0.80 to $ 0.92, an increase of approximately 173% from today’s price of $ 0.30.
“Based on the size of the falling wedge pattern, I have determined that the upside target should be around $ 0.80. However, the 23.6% traceback for the entire bear market is around $ 0.92.
So it is possible that XRP is well above the $ 0.80 level to test the $ 0.92 level. The MACD (Moving Average Convergence / Divergence) prints a strong upward expansion and increases the likelihood of a push to higher levels. “
The analyst warns that XRP will face multiple levels of resistance before it approaches its bullish forecast.
XRP bulls must first prove they can break the $ 0.32 and $ 0.55 levels.
The digital asset had a slow year compared to Bitcoin (BTC) and Ethereum (ETH). XRP started the year at $ 0.19 and has spent most of 2020 in the $ 0.17-0.25 range. It is currently up 57% this year while BTC is up 145% and ETH is up 271%.
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