XRP Poised for a Bull Breakout, History Says $12 Possible

This week was full of developments in terms of the launch of the XRP developer platform and the announcement of its members, support from Binance DEX and BitPay, and Bitrue launching XRP loans.

Samsung Pay also partnered with Finablr while Airpay partners with InstaReMit and GateHub joined hands with Coil. Ripple powered MoneyTap also added two new banks, Daiwa Securities Group Inc and Sumitomo Mitsui Trust Bank, that took the total tally to 30.

Despite all these developments and more, the third-largest cryptocurrency is currently worth just about a quarter.

At the time of writing, XRP was trading at $0.254 with 24 hours loss of 0.20 percent, as per Coincodex.

In the past year, XRP has lost over 50 percent of its value while it’s still down more than 92 percent from its all-time high (ATH) of $3.42.

However, things might turn for the digital asset, after all.

For starters, XRP is bottoming against BTC.

Analyst Galaxy took to Twitter to share that MACD has turned bullish once again.

The MACD indicator is used for trend following and gauging momentum. It shows the relationship between two moving averages of an asset’s price which is calculated by subtracting 26-period Exponential Moving Average (EMA) from the 12-period EMA. As a result, we get the MACD line.

On plotting the “signal line” — the nine-day EMA of the MACD — on top of the MACD line, it functions as a trigger for buy and sell signals.

When MACD falls below the signal line, it is a bearish signal and time to sell and when the MACD rises above the line, it is a bullish signal. Crossovers provide confirmation to the prevailing trend.

About the current XRP trend, Galaxy says, “Every bullish MACD crossover on the weekly chart was followed by significant price increases.”

During such crossovers, the lowest gain XRP saw was 170% and the best percentage gain was 4600%. This means the XRP price could spike somewhere between $0.685 to about $12.

This would increase the XRP’s market cap to over $500 billion — surpassing that of Bitcoin’s which is currently around $145 billion — and become the leading cryptocurrency if BTC remains stable.

But is it possible?

Although seems unlikely, XRP has seen such a percentage of gains in the past. Now, it remains to be seen if the XRP price can jump to two-digital figures.

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