Should Ripple (XRP) Bulls Bid Goodbye to 750-Day Bear Market?February 3, 2020
The entire crypto space believes that Ripple (XRP) is all set to exit the bear market. After that, the crypto’s price could possibly hit the $14 level following its next bull momentum.
XRP is currently is on the stage of breaking out from its downtrend resistance that resulted to low prices ate the bear market for about 750 days.
On January 30th, the entire crypto space was dominated by the news about the intense rise of Ripple in just a matter of hours. In fact, it is considered as among the most controversial altcoins. A number of XRP enthusiasts are looking forward to a breakout that can raise the crypto’s price to $14.
Many believe that XRP was disliked by cryptocurrency investors since it is used to say to be more centralized compared to other cryptos like Bitcoin (BTC) and Ethereum (ETH). However, whether or not it is aligned with the crypto creation’s early themes, the crypto asset shows continued growth as a financial asset.
XRP’s Increasingly Growing Technicals Towards Bullish Patterns
In 2019, XRP was among the major altcoins that delivered poor market performances. But, with its recent growth, many see it as this year’s dark horse, especially that it’s currently breaking the more than two years of the downtrend.
At the time of writing, Ripple has a current price of $0.253 and trading below 6%. That price level displays a notable climb from the $0.23 daily lows. In addition, it’s also good to note that XRP is not the sole altcoin that is increasingly growing bullish.
Meanwhile, XRP is now positioned within the Wyckoff accumulation pattern as it enters the formation of the spring phase. This technical suggests that altcoin is only getting started.
More Upside Ahead
When it comes to banking and cross-board payment services, XRP is among the altcoins that are widely used. It surged to the point that it produced incredible moonshots.
Considering the XRP’s past moonshot, the next rally could be after breaking the current downtrend resistance. Historically, after the crypto immediately broke from downtrend resistance, it reached more than 6000%.
A pole-like structure being tailed by correction at descending support shows signs of a bull flag. It is a bullish structure suggesting that there will be more upside ahead and calculated by acquiring the original flag pole. After that, it is used to create an advance estimation to follow the breakout.
Is It Really Goodbye?
Many suggest that the 750-day bear trend will soon end, especially that XRP is breaking above the descending line. The breakout above that level will call for a remarkable bull trend, which will lead XRP to create some intense gains. In light of these technical developments, the altcoin can possibly start a massive bullish year.
While XRP is posting a huge breakout from its resistance level, its rally is expected to take place in the next few weeks with intense impact. Thus, XRP bulls look forward that the crypto could outperform BTC and other major cryptos.