A popular analyst and trader believes that Ripple’s native cryptocurrency will follow its forerunners and could finally enter a long-awaited bull cycle. Is the XRP course really about to have a massive bull run?
The pseudonymized analyst who goes by the name Magic seems to think that this is anything but absurd
He wrote on Twitter that the XRP price recently broke a falling wedge formation from September last year.
The strategist’s upside target is the range of $ 0.80 to $ 0.92, which would represent an increase of about 173% from the current XRP price.
Based on the size of the falling wedge pattern, I have determined that the upside target should be around the $ 0.80 mark. However, the 23.6% return for the entire bear market is around $ 0.92.
XRP course has to break through some resistance
So it is possible that the XRP price could move well past the $ 0.80 level to test the $ 0.92 level. The MACD is expressing a strong upward expansion, which increases the likelihood of a surge to higher levels.
However, the analyst also warns that the XRP price will encounter multiple resistance levels before it approaches its upward forecast.
So the XRP bulls will first have to prove they can break the $ 0.32 and $ 0.55 levels.
Ripple’s native token has had a comparatively weak year compared to Bitcoin (BTC) and Ethereum (ETH) . The XRP price started at $ 0.19 in 2020 and has spent most of the year in the $ 0.17 to $ 0.25 range. Nevertheless, it has risen by a whopping 57% this year. Nonetheless, it falls behind BTC with an increase of 145% and ETH with 271%.