Well-known crypto trader Gordon has once again spoken positively about Ripple (XRP). Despite the recent price drop and continued volatility within the crypto market, he calls Ripple’s coin “super bullish.”
Trader sees strong technical pattern
In the past week, XRP lost more than 5 percent of its value and has now fallen to a level of $ 2.80. The coin has even dropped two places in the crypto rankings in terms of market capitalization, after being overtaken by Binance Coin (BNB) and the stablecoin Tether (USDT). Still, Gordon remains convinced of the power of XRP, stating that the chart “shows more potential than almost any other asset in the market.”
According to Gordon, the XRP chart is still showing strong upward momentum despite the downward pressure. “Show me a chart with more juice than XRP,” he challenged investors, referring to the technical pattern he believes heralds an upside breakout.
The chart shared by Gordon shows a descending triangle with a possible breakout to the upside. The price has been in this pattern since July, when XRP peaked at $3.66. Since then, the price has been moving between a falling resistance line and an almost horizontal support line in an increasingly narrowing zone. And the course must soon take a direction.
As the price continues to narrow within this triangle, Gordon expects a rapid rise once XRP breaks out. His price target is around the July high, which would represent an upside of about 30 percent from the current level of about $2.80.
Crucial support zone around $2.80
Despite the optimism, the market remains cautious for the time being. XRP is showing mild weakness, with a modest correction in the past 24 hours. Analyst Ali Martinez pointed to on-chain data from Glassnode. This data shows that $2.80, the current XRP price, is a crucial level.
According to Glassnode’s report, this key demand zone is right at $2.80. Approximately 2.48 billion XRP has been traded in this area, indicating strong buying interest from large investors (whales).
As long as the price remains above this zone, the upward scenario remains valid. A break below this level, on the other hand, could put XRP back into bearish territory. For example, famous trader Peter Brandt leans towards this pessimistic scenario where XRP could fall towards the $2 level if it loses current support
Source: https://newsbit.nl/beroemde-cryptohandelaar-xrp-staat-voor-explosieve-uitbraak/
