After the unrest at the beginning of April as a result of the Rates War, XRP has shown a clear recovery in recent weeks. According to the well -known analyst ‘The Signalyst’, XRP is “back” and the course could rise considerably in the coming period. This is apparent from a recent analysis that he published on TradingView.
XRP moves in an increasing channel
The analyst points out that XRP is currently in a clearly rising channel, with a pattern of higher tops and bottoms. According to him, that is a classic signal for a persistent upward trend.
Moreover, a green horizontal zone can be seen on the graph that acted as support and resistance several times in the past. This zone is considered a strong demand region where buyers become historically active.
What gives the analysis extra power is that this green support zone coincides with the underside of the rising channel – marked with a blue circle. According to The Signalyst, the combination of diagonal and horizontal support increases the chance of a ‘bullish reversal’.
Yet the analyst remains cautiously optimistic. He is still waiting for clear mounting signals, such as a double bottom, breaking a trend line or other reversing patterns, before speaking of a definitive trends.
Explosive predictions from Egrag Crypto
The Signalyst does not comment on the possible price goals, but the well-known XRP analyst Egrag Crypto is a lot more pronounced. According to him, XRP is on the eve of an explosive outbreak. His technical analysis points to a price target between $ 9.50 and $ 27 within a period of six months.
A crucial aspect in his prediction is the relationship between XRP and Bitcoin (BTC): the question is whether XRP actually gains ground compared to BTC, or whether it benefits from a weaker Bitcoin market. His vision is in line with earlier analyzes in which this summer is seen as a favorable period for Altcoins.
Source: https://newsbit.nl/waarom-deze-analist-gelooft-dat-de-xrp-koers-gaat-exploderen/
