According to the technical trader Magic, the XRP price chart is currently looking very similar to the price evolution experienced in 2017. This could be very bullish considering the fact that XRP was able to surpass $3.2, its all-time high.
Analyst: XRP Chart Looks Bullish
As Magic explained on Twitter, this could be a very good moment for XRP investors and traders. He mentioned on Twitter that the XRP chart looks identical to 2017 before the massive rally experienced by this virtual currency at that time.
This could be the real deal folks. XRP's chart looks identical to 2017 before the massive rally, and resistance has been thoroughly destroyed. Nothing is guaranteed. Stops are my best friend in times like this.
— MAGIC (@MagicPoopCannon) February 13, 2020
Nonetheless, he doesn’t confirm that this will happen. Indeed, he stated that nothing is guaranteed and that anything may happen. This is why he said that stops are always the best thing to use in these situations.
This comes at a moment in which virtual currencies are starting to expand in the cryptocurrency market. Indeed, Bitcoin (BTC) and most of the altcoins in the industry have reached their highest point in several months.
Cryptocurrencies have been in a bear trend for six months in the last half of 2019. XRP, Bitcoin and Ethereum (ETH) were already reaching very low levels. Thankfully, January 2020 started with a strong positive trend for digital assets and virtual currencies.
Indeed, Bitcoin moved from under $7,000 to over $10,500 for a brief period of time. Traders are very anxious about the future of the space and how the upcoming halving event could affect Bitcoin’s price. As the largest virtual currency started to move forward, it has also pushed altcoins towards a new bull trend.
XRP started the year close to $0.18 and it is now being traded almost 85% up from that moment. Indeed, XRP was able to surpass $0.33 as well. Now, it has lost 6.36% due to the fact there is a small correction in the market.
All the top 10 digital assets are now experiencing losses. Bitcoin is falling 2.16%, Ethereum 3.94%, Bitcoin Cash (BCH) 7.89%, Bitcoin SV (BSV) 10.31% and Litecoin (LTC) 1.78%. EOS, the eighth largest crypto in the market is falling 10.2% as well.
If Bitcoin and the whole market continue to move forward, then it will be possible for XRP to continue growing. It will be very important to see how XRP would move forward in the future considering the virtual currency could follow a new bull market.