Source: Larina Marina - Shutterstock
- In a new bull cycle, Ripple’s XRP could rise to as high as USD 0.92 according to analyst “MAGIC”.
- Crucial resistance on the way up could be at $0.32, as well as $0.55 and $0.80.
The pseudonymous analyst “MAGIC” recently shared a very optimistic price analysis for XRP via Twitter. According to the trader, who has over 30,000 followers on Twitter, XRP could complete the transition to a new bull cycle. The target price for XRP could then be USD 0.92, the analyst said.
In a post via Trading View, the analyst explained that XRP broke out beyond a massively falling wedge pattern on the daily chart in July. Since then, it can be observed that “XRP retraced to the top of the falling wedge pattern (in blue) and tested it multiple times for support. Each time, XRP held the top of the falling wedge as support, and now, we can see that XRP is making a serious looking turn to the upside,” MAGIC said.
Source: https://www.tradingview.com/chart/XRPUSD/EIVKsoco-XRP-Appears-To-Be-Completing-Transition-into-A-New-Bull-Cycle/
Furthermore, the analyst believes that based on the size of the falling wedge pattern, the upside target should be around the $0.80 level. However, the 23.6% retrace for the overall bear market is around $0.92. In this respect MAGIC states:
So, it’s possible that XRP could rally well above the 0.80 level to test the 0.92 level. The MACD is printing a strong expansion to the upside, increasing the probability of a push to higher levels.
However, before these levels are reached, there are some key highs that XRP will have to contend with in the near future. According to MAGIC, these levels are all “around 0.32 USD to 0.35 USD”. As long as the resistances are cleared out of the way, the next major resistance could not follow until 0.55 USD:
So, if XRP can surpass those peaks (which I believe there is a high chance that it will) it will clear the way for a run to the 0.55 level, where the next major resistance lies. After that, we can expect a test of the 0.80 range. So, while there are some strong resistance levels to contend with, I think XRP could be on the verge of the next powerful bull market that we’ve all been waiting for.
At the same time, MAGIC is also warned that XRP has only just begun to form higher highs and lows. “So, the bear market appears to have ended, and we also appear to be coming out of the transition phase into the next bull cycle,” the analyst continues. However, the bull market can only be expected to be confirmed if XRP can break through the above mentioned highs.
Currently, it can be stated that Ripple’s XRP shows a rather below average performance compared to Bitcoin (BTC) and Ethereum (ETH). Since the beginning of the year, XRP has risen from around $0.19 to currently $0.29, and thus by “only” 57%. In contrast, the year-to-date (YTD) price increases of Bitcoin (+145%) and Ethereum (+270%) are much more impressive.
