The native cryptocurrency asset to the Ripple protocol, XRP, may be poised for major upside against Bitcoin if a multi-month bull signal triggers an explosive move.
The surge in XRP could be the spark that ignites another major alt season that has been brewing over the course of the bear market, leading to astronomical gains not seen since the crypto bubble popped.
XRP Shows Clear Reversal Against Dollar, Supported By High Volume Breakout
XRP has now broken out from an over 680-day downtrend and bear market, causing the asset to surge by as much as 90% since the start of the year before a pullback erased a small portion of the 2020 rally.
But the rally is only just getting started. After two years of a bear market to break free from, buy pressure and bullish momentum has been built up and is just waiting to escape to go on an insane run not seen since before the crypto bubble.
The breakout is a clear as day reversal according to a top crypto analyst, and points to surging volume and a backtest of resistance confirming as support as factors that will push XRP much higher in the coming weeks.
With a retest of the trend line breakout now behind us, the analyst is confident that anyone who entered below 32 cents will be happy with their entry for the long-term.
Clear reversal for $XRP, complete with strong volume and breakout + backtest.Both HOLDLers & traders alike will likely be happy with an entry in this current range of .26-.32c. pic.twitter.com/iG2XnULLhk— Parabolic Thies 📈 (@KingThies) February 17, 2020
Ripple Shows Signs of Major Rally Against Bitcoin, Sparking An Alt Season
XRP is also looking extremely bullish on BTC trading pairs, and a bullish divergence only monthly timeframes that extend across most of 2019 into 2020 could be signaling a massively powerful move in the days ahead.
The analyst says that “something is brewing in the alt markets” and that very well may end up being an alt season that will shock the world with the enormous wealth that’s generated in a short amount of time.
I’m sure there’s plenty others in the alt market in similar spots right now, but this slight Bull Div on the #XRPBTC monthly is impressive to say the least.Something is brewing in the alt markets. pic.twitter.com/cpN9icKy5w
— Parabolic Thies 📈 (@KingThies) February 18, 2020
If the bull div confirms, it could cause the number three cryptocurrency by market cap to explode against Bitcoin on the XRP/BTC pair.
In the past, when such a breakout occurred, XRP rose nearly 2,000% against Bitcoin. The last time this happened, it followed an ABC correction according to Elliott Wave Theory.
The latest downtrend appears to have also just completed an ABC correction, and a repeat of the 2017 crypto bubble could follow next with an explosive, nearly 2,000% movement in the days ahead.
Should this happen, XRP would likely reach a new all-time high, or at least come close to retesting its previous all-time high set at over $3 per XRP token. Upside targets beyond the previous all-time high reach as high as $14 per token.
No comments:
Post a Comment