Analyst: XRP Has One Of The Most Bullish Charts In The Market
XRP seems to have one of the most bullish charts in the cryptocurrency market. This is according to the technical cryptocurrency analyst MagicPoopCannon. In a recent post uploaded on TradingView, he said that “XRP is in one of the largest uptrend channels known to man.”
Analyst Bullish About XRP
During the last year, most of the virtual currencies have been in a bear market. Their price skyrocketed early in 2018 or at the end of 2017 and then it started to fall throughout the year. Although Bitcoin (BTC) was able to recover part of the price that it lost, many other digital currencies were not able to do so.
XRP is one of these virtual currencies that remained operating stable close to its support level of $0.3. As reported by MagicPoopCannon in a technical post made a few days ago, there have been several individuals bashing the XRP chart not for being traded as Bitcoin or other altcoins. Nevertheless, he said that back in 2017 XRP was the best performing crypto asset in the market.
In addition to it, he said that XRP is clearly in a massive uptrend channel and this makes of it one of the most bullish technical charts he has ever seen.
About XRP and its current trend, the analyst commented:
“So, without a doubt, XRP is in one of the largest uptrend channels known to man. Now, whether or not this channel will continue to hold, is anyone’s guess.”
He went on saying that XRP is “most likely at a major discount right now” and that the virtual currency is expected to hold the bottom of the uptrend channel and start to move higher in the near future. Nevertheless, he admitted that although the price could suddenly skyrocket from these levels, it could also break the channel and collapse.
“Until I see a confirmed breakdown of this uptrend channel, I believe that the most likely technical direction from here is to the upside,” he commented. “If XRP holds this channel, the XRP bear market has just ended.”
According to CoinMarketCap, XRP is the third-largest cryptocurrency in the market. The digital currency has a market capitalization of $11.57 billion and a price per coin of $0.27. In the last 24 hours, XRP fell 0.7% as most of the virtual currencies among the top 10.
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