Ripple’s token can find a golden path ahead
As Bitcoin reaches new highs, XRP seems set to start a new bullish wave. A cryptocurrency analyst noted that a specific technical indicator is indicating the possibility of the asset jumping 192% to $ 1.
A huge imminent explosion
The $ 0.30 region has been instrumental in the overall XRP trend in recent years. In August last year, the level acted as a robust support that helped the token avoid massive losses during retractions. Since then, however, the $ 0.30 region has acted as a stubborn resistance, preventing any significant rise. The currency recently tested that level before an acute rejection.
Now, the analyst Magic is suggesting that XRP could start the long-awaited bull market. Magic notes that the Ripple token recently came out of a huge drop wedge. The analyst projects that the digital currency may soon reach the range of $ 0.80 to $ 0.92. This would mark a valuation of more than 192% against the current price level of $ 0.28.
“Based on the size of the falling wedge pattern, I found that the upside target should be around the 0.80 level. However, the 23.6% retraction for the entire bear market is around 0.92. Therefore, it is possible that the XRP could rise well above the 0.80 level to test the 0.92 level. MACD is printing a strong upward expansion, increasing the likelihood of a boost to higher levels. ”
XRP faces rigid resistance ahead
Although the analysis of Magic is music to the ears of XRP investors, the analyst warns that reaching these high prices will not be easy. To begin with, the token will have to face resistance at $ 0.30 and $ 0.35. Magic believes that there is a high possibility that the fourth largest cryptocurrency will remove these obstacles and this will pave the way for $ 0.55 and $ 0.80 to follow.
“So while there are some strong resistance levels to contend with, I think XRP may be on the verge of the next powerful bull market that we were all waiting for,” said Magic.
O increasing number of XRP whales in recent months it adds credibility to the theory that cryptocurrency is ready for a parabolic rally. Whales devouring XRP are a sign that major investors are expecting the price to rise in the near future.
However, XRP had the worst performance in 2020 compared to its peers. Bitcoin, for example, rose 143%, while Ethereum made impressive gains of 270%. XRP, on the other hand, has gained just 55% since the beginning of this year.