The crypto market has been exploding these days, and Ripple’s XRP is also going with the flow.
During the past week, XRP is one of the coins that managed to make headlines due to an increase in price by more than 130%.
At the moment of writing this article, XRP is trading in the green, and the coin is priced at $0.685818.
XRP is up by more than 2% in the past 24 hours.
Crypto News Flash notes that the analyst who calls himself Magic on Twitter said that he’s extremely optimistic about the price of XRP these days.
“So, it’s possible that XRP could rally well above the 0.80 level to test the 0.92 level. The MACD is printing a strong expansion to the upside, increasing the probability of a push to higher levels,” he said.
Crypto News Flash online publication notes that in a post via Trading View, the analyst explained that XRP broke out beyond a massively falling wedge pattern on the daily chart in July.
Since then, it can be observed that “XRP retraced to the top of the falling wedge pattern (in blue) and tested it multiple times for support. Each time, XRP held the top of the falling wedge as support, and now, we can see that XRP is making a serious-looking turn to the upside,” according to Magic.
We recommend that you check out the complete post on Trading View.
Main reasons for XRP price surge
Just the other day, we were revealing that Cointelegraph addressed three main reasons for the price surge of XRP.
First of all, they note that there is a unique XRP addresses increase.
Also, Ripple buybacks could also be triggering this bullish price rise. It’s worth noting that Ripple may debut a new service.
Check out more details about these important issues in our previous article.