Like it or not, XRP has not gone too well in recent years. Since its peak in January 2018, when the cryptocurrency was trading above $ 3.00, the price of XRP has plummeted to $ 0.20. That means a decline of over 90% compared to the all-time high.
Even in 2019, when Bitcoin rose over 90%, the popular altcoin plummeted 50% and was unable to break the steep downward trend. However, analysts say that XRP could see a surge soon, and cited a number of key technical factors suggesting that XRP is ready to regain some strength.
Analysts suspect that XRP is preparing for an increase
Analyst Credible Crypto – who predicted Bitcoin’s $ 8,000 rally near the bottom in mid-December when everyone said BTC was heading for the $ 5,000 mark – recently released the two charts below from XRP and BTC released.
He showed that there are clear similarities between XRP’s price performance since January 2018 and that of Bitcoin in February 2019. BTC then traded in a falling wedge, which was characterized by two renewed resistance and two support tests, then a final breakout across the wedge.
Guess what happens next … $ XRP $ BTC pic.twitter.com/dVb94IFDVZ
– Credible Crypto (@CredibleCrypto) February 1, 2020
Not to mention other factors suggesting that the cryptocurrency could soon rebound against the dollar and Bitcoin. Trader Galaxy noted that XRP is “ready” to recover about 20% towards $ 0.28, which draws attention to the existence of a clear uptrend.
Another trader also pointed out that XRP has finally started to break out of a falling wedge pattern that has limited price action over the past seven months. The cryptocurrency has also overcome important horizontal resistance that was important at the macro level.
Proof of text: newsbtc
Last update: Sunday February 2nd, 2020
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