A cryptocurrency analyst on TradingView with “All-time Top Author” tag has said XRP is already displaying a strong bullish signal even though it is in a falling wedge formation.
MagicPoopCannon made the prediction stating that falling wedge formed by XRP fractal is a bullish formation that typically makes way for an upside breakout.
MagicPoopCannon said the falling wedge formed by XRP will make the price of the cryptocurrency spike by more than 3x with a price target of $0.77. The surge would likely be seen not earlier than June 2020, he forecast with a chart.
The analyst explained that a similar fractal was formed around September 2018. Then, a sudden spike in the price of XRP was seen, pushing XRP value from $0.25 to around $0.77 within two days.
He further explained that XRP has formed a key support around the pink area ($0.12) just like it did in 2017, which led to an epic breakout then.
The analyst averred that XRP already bottomed enough and the fact it is able to hold support at the pink level is a positive sign for the market.
MagicPoopCannon explained further that at present, XRP is finding resistance below the 200 day moving average which serves as its major obstacle. He also proposed that if the third largest cryptocurrency is able to move above the moving average and use it as a support, a test on the falling wedge ceiling could be seen sharply, resulting into a big breakout afterward.
Stressing how bullish XRP could be after the breakout, the analyst noted that the bullish rally has been under formation since 20 months back. An earlier attempt to unleash the break away from the falling wedge in March failed.
Nevertheless, he said XRP has already displayed a clear hold of the downside of this formation, hence speculating that there is a huge tendency for XRP to witness a breakout on the upside trend soon.