The XRP race has risen sharply over the past seven days. On Friday, the number three in the market even reached a new record of $ 3.66. Since the bottom of April, XRP has now increased by almost 90 percent.
Despite those impressive figures, various graphs indicate that XRP is heading towards a parabolic phase, a number of analysts claim.
XRP dominance signals ‘Mega Bullish’ course promotion
The popular analyst Dom says that the real rises of XRP still have to start, even though the race reached a multi -year peak last Friday.
One of the graphs that Dom is based is the XRP dominance. This shows that XRP now has 5.50 percent of the market in possession. That is a resistance that has been trading for 2,200 days now.
“Every time the XRP dominance broke out in the past, we saw a doubling shortly thereafter. If history repeats itself, it would yield a target of 7 to 10 dollars, depending on the movement that the rest of the market can make,” said Dom.
“Not everyone pays attention to the XRP dominance, but I really believe it points to a mega bullish golf,” that is also what Egrag Crypto is his fellow analyst on Saturday.
XRP up compared to Bitcoin
Also compared to Bitcoin, XRP is currently sending positive signals according to analysts. In this way that they claim that the best should come.
XRP currently seems to climb above a crucial resistance, which has been keeping the race under the thumb since mid -2019. Once that level has been defeated, a gigantic upward price movement can begin, as happened in 2018.
The pseudonym analyst Dom also provides a large outbreak of XRP compared to Bitcoin.
On the monthly graph the XRP race is in a so-called Bullish Pennant, for which the resistance is on the all-time high of 3.84 dollars. That is a continuation pattern, which often occurs after a significant rise, followed by a period of consolidation in the top of the range.
A monthly closing above the top trend line of the pennant at 2.55 dollars will open the path for XRP to 18 dollars, the analysts of Cointelegraph say.
Source: https://newsbit.nl/kan-de-xrp-koers-naar-20-deze-grafieken-wijzen-op-full-bull-fase/
