XRP Turns Bullish And Could Hit $1, Analyst Says
The crypto market looks pretty bloody today, following Bitcoin’s massive bull run form the other day,
It was the first time when BTC managed to hit $18k in the past three years. More than that, the other day, BTC also surpassed its ATH in terms of market cap.
There are some bullish predictions about the price fo XRP these days. Ripple has been working hard to push the XRP mass adoption and to boost the whole XRP ecosystem as well.
XRP could soon hit $1
A popular XRP analyst and trader said that XRP might finally be entering a long-awaited bull cycle.
The analyst goes by the name Magic, and he says XRP recently broke above a symmetrical triangle dating back to September of last year.
At the moment of writing this article, XRP is trading in the red, and the coin is priced at $0.287936.
The Daily Hodl notes that the strategist’s upside target is the $0.80 to $0.92 range, which would represent an approximately 175% increase.
— MAGIC (@MagicPoopCannon) November 17, 2020
“Based on the size of the falling wedge pattern, I’ve found that the upside target should be around the $0.80 level. However, the 23.6% retrace for the entire bear market is at about $0.92,” he said.
He continued and said: “So, it’s possible that XRP could rally well above the $0.80 level to test the $0.92 level. The MACD (moving average convergence/divergence) is printing a strong expansion to the upside, increasing the probability of a push to higher levels.”
A follower said: “You are FN awesome mate. Naysayers have no idea just how good your calls are. Been following you since day 1 Pal. Bring it.”
He also warned that XRP faces a few lines of resistance before nearing his bullish forecast.
It’s important to note that XRP bulls will first have to prove they can break through the $0.32 level and the $0.55 level.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.