A popular XRP analyst and trader says the fourth-largest crypto asset by market cap may finally be entering a long-awaited bull cycle.
The pseudonymous analyst who goes by the name Magic says XRP recently broke above a symmetrical triangle dating back to September of last year.
The strategist’s upside target is the $0.80 to $0.92 range, which would represent an approximately 173% increase from today’s price of $0.30.
“Based on the size of the falling wedge pattern, I’ve found that the upside target should be around the $0.80 level. However, the 23.6% retrace for the entire bear market is at about $0.92.
So, it’s possible that XRP could rally well above the $0.80 level to test the $0.92 level. The MACD (moving average convergence/divergence) is printing a strong expansion to the upside,