XRP Price Could Break Dozens of Percent Higher If This Level is Breached

BTC Could Hit $10K, ‘Stay Away from North Korea,’ Akon City: Hodler’s Digest, Jan. 13–19
January 19th 2020
Why the World Economic Forum Is Creating a Blockchain ‘Bill of Rights’
January 19th 2020

Earlier today, the price of Bitcoin (BTC) crashed by 7% as covered by this very outlet. Understandably, altcoins followed suit, with Ethereum, XRP, and all the rest posting losses that were similar to that of the cryptocurrency market’s leader.

Despite the drop, not all hope is lost for XRP, an analyst has posed, going as far as to say that if a key level is breached, a rapid surge up by dozens of percent can be had.

XRP Preparing For Breakout

On Saturday, cryptocurrency trader CJ posted the below charts on Twitter, showing that XRP’s chart is eerily reminiscent to that of altcoins Bitcoin Cash and Bitcoin Satoshi’s Vision prior to their latest breakouts. More specifically, he pointed out that like the Bitcoin forks prior to their rallies, the price of XRP is consolidating under a range equilibrium price point.

Should XRP break above the range equilibrium just as the altcoins did, it could also rally by over 25% in a short period of time, the analysis suggests.

twitter-tweet” data-width=”500″ data-dnt=”true”>

$XRP – Break the EQ and 🚀 pic.twitter.com/83GUxNJf0n

— CJ (@IrnCrypt) January 19, 2020

Can Price Surmount the Level?

With this in mind, it is logical to ask — can XRP break and close above the $0.244 resistance as indicated by CJ?

According to some, for sure.

Analyst CryptoWolf recently noted that per his earlier analysis, XRP has finally started to decisively break out of a falling wedge pattern that has constrained price action for the past seven months. The cryptocurrency has also surmounted a key horizontal resistance that has been important on a macro basis.

twitter-tweet” data-width=”500″ data-dnt=”true”>

XRP breaking out. 🚀 pic.twitter.com/QIs4z3uWZ4

— CryptoWolf (@IamCryptoWolf) January 18, 2020

With this in mind, he suggested in the below chart that he expects for XRP to target the 0.382 Fibonacci Retracement of the entire falling wedge over the coming weeks, which suggests a 25% rally is on the horizon.

Not to mention, per previous reports from this very outlet, the XRP against the U.S. dollar chart just printed a “buy 9” TD Sequential candle after months upon months of falling prices.

As an aside: the TD Sequential is a time-based indicator created by a special advisor to Point 72 Asset Management and a CEO of a market research and analytics firm. Per a technical analysis site, “When the 9 count is completed, it is at that point, a price pause, price pullback, or reversal is likely.”

On the fundamental side of things, Ripple Labs has continued to push ahead with partnerships that could increase the adoption of XRP-related products.

Featured Image from Unsplash

Source link

XRP vi.be Editor
XRP vi.be Editor
Editor at XRPvi.be, gathering information and insights about Ripple, XRP and related things from around the internet. Opinions deriving from any content do not represent ours. All content copyrights are with the original creators and holders. By clicking on the 'source' link you can visit the originating place of the content.

Leave a Reply

Your email address will not be published. Required fields are marked *