XRP’s Time is “Almost” Here, Eventually to Hit $60 or Higher: Ripple Trader Analysis
- XRP printing a “Big Bottoming Formation” similar to that of last cycle
- XRP could eventually reach the $60 range or higher
- The third largest cryptocurrency by market capitalization, XRP is currently up by 4.12 percent at $0.444.
As previously reported, XRP chart is looking bullish currently as stated by analysts. The latest addition to these analysts is Magic Poop Cannon who sees a lot of constructive changes happening in the daily XRP chart.
XRP is in a pattern which is called a “Big Bottoming Formation.” Additionally, the volume profile says, XRP has based out of the highest volume region which the analyst says is a good confirmation that XRP has bottomed around the 0.30 area.
Beautiful re-test, as we comfortably bounce of previous resistance which now acts as support! 😊
Long term 48c resistance region break would lead to huge price action I believe
With additional FUD on CT, I am bullish 😊
— The Cryptomist (@TheCryptomist) June 21, 2019
Reasons to be Bullish on XRP
Magic goes back and points out the price action of XRP before we made an all-time high at $3.84, when the cryptocurrency made a similar bottoming pattern in 2017. At that time as well, the digital currency printed a similar “Big Bottoming formation.”
During the 2018-19 price action, XRP printed a large descending triangle. This time we have just crept above the top trendline. Magic notes the real breakout actually occurred in May that happened on very high volume. But soon, XRP turned back down, however, the cryptocurrency managed to grind sideways until surpassing the top of the triangle.
At the same time, XRP is testing lateral overhead resistance which he says originated from April 1st, 2018 low and the reason why he says “the breakout hasn't been extremely powerful yet.”
Though XRP was able to make its way out of the triangle, it run into immediate resistance. So, in order to really accelerate to the upside, XRP according to Magic needs to get above the “46ish region.”
From here, XRP can jump to $1 as early as next week.
Another bullish factor present on the chart is the golden cross, a long term bullish indicator. Additionally, XRP is above the EMA ribbon but we could see another test of the top of the triangle before we finally break out of the $0.45-$0.46 resistance area. Magic further points out more reasons to be bullish on XRP, a bullish divergence on the MACD.
Overall, while prince prints lower highs, momentum has printed higher highs between November and May.
“So there is a bullish divergence on the momentum, suggesting that we could see a surge in price that would reflect the increasing momentum.”
Previously we reported how analyst Credible Crypto sees $23 in XRP’s future, Magic is even more bullish as he says,
“I believe it's possible that XRP could eventually reach the $60 range or higher, as crypto adoption increases. One thing is for sure, the next few years are going to be very exciting.”
— Credible Crypto (@CredibleCrypto) June 21, 2019