XRP Shifting to Bull Cycle and Targeting Nearly $1.00, Predicts Popular Crypto Strategist


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.

Source: Magic/TradingView

“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.

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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%.

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Featured Image: Shutterstock/Gorev Evgenii



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