XRP Forming a Bullish, Trend Reversal Pattern, Where Does Ripple Coin Price Head Next?

  • The third largest cryptocurrency by market cap is the least gainer among the top cryptocurrencies.

In the past 24 hours, while Bitcoin has surged over 22%, XRP is up only about 3% in the USD market while trading below $0.30 at $0.29, as per Coincodex. XRP is down by more than 14% against BTC.

While the digital asset has seen an increase of nearly 13% in the past one month, it is down by over 35% in the past year. XRP is still down more than 91% from it's all-time high of $3.40.

But things are looking to finally take a turn for the good.

XRP Chart Forms A “Very Clean Diamond” Pattern

The first bullish even for the digital asset is the technical pattern. Veteran trader Peter Brandt pointed this out on Twitter,

Diamond bottom formation occurs at the end of a downtrend, unlike its counterpart diamond top formations that occur at the end of an uptrend. A diamond bottom is a bullish, trend reversal pattern that is formed by symmetrical triangles, forming a diamond.

The Highly Anticipated Swell Event

Another positive for XRP price is the upcoming Swell event. Hosted by Ripple, Swell will be held on November 7 and 8 that is expected to push XRP price higher.

Analyst and trader Luke Martin shared his expectations for the upcoming Swell driven price surge,

“My outlook remains that we see the full 30% to 4000 sats. Anything past that would be bonus,” he predicted.

As Bitcoin Exchange Guide previously reported, another analyst Galaxy is anticipating a big move from the digital asset as has been seen in the past. In 2017, XRP jumped 115% two weeks before the event while in 2018, the value increased 220%.

Now, with less than two weeks left for the event, it would be insisting to see the hike XRP will take this time.

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