A popular XRP analyst and trader says the fourth-largest crypto asset by market cap may finally be entering a long-awaited bull cycle.
The pseudonymous analyst who goes by the name Magic says XRP recently broke above a symmetrical triangle dating back to September of last year.
The strategist’s upside target is the $0.80 to $0.92 range, which would represent an approximately 173% increase from today’s price of $0.30.
“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.
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.”
The analyst warns that XRP is facing several lines of resistance before it nears his bullish forecast.
XRP bulls will first have to prove they can break through the $0.32 level and the $0.55 level.
The digital asset has had a slow year compared to Bitcoin (BTC) and Ethereum (ETH). XRP began the year at $0.19 and has spent most of 2020 in the $0.17 to $0.25 range. It is currently up 57% this year, while BTC is up 145% and ETH is up 271%.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Gorev Evgenii
