XRP has been performing well over recent weeks, shaking off the multi-year bear market that it went through. Since the start of July, the leading cryptocurrency has gained around 50% against the dollar, outperforming Bitcoin.
Although XRP is far from the best performing altcoin, analysts say the asset is cleared to move higher.
There is one analyst, who heads the technical analysis team at a prominent crypto research company, that argues that XRP is at the start of a bull run.
Related Reading: Crypto Tidbits: MicroStrategy’s $ 250m Bitcoin Purchase, Ethereum DeFi Boom, BitMEX KYC
XRP Could Surge Even Higher: Analyst
XRP is primed to move higher as it prints a critical weekly candle close, according to the head of technical analysis at Blockfyre. Blockfyre is a crypto research firm.
Commenting on the chart below, which shows XRP’s price performance on a weekly scale, the analyst commented:
“$ XRP just had it’s highest weekly close since the market started making a higher high for the first time in 959 days. It reclaimed the .30c level that had acted as resistance in 2017, support in 2018, and now reclaimed. This should be the official start of it’s bull run.”
Chart of XRP's price action over the past few years with a level/range analysis by trader Pentoshi (@Pentosh1 on Twitter), the head of technical analysis at Blockfyre. Chart from TradingView.com
This comes shortly after the same trader noted that XRP has formed a “massive bull flag” on a macro scale. This textbook chart pattern purportedly suggests that the cryptocurrency could soon move towards the $ 1.00 region:
“You despise money if you don’t own XRP. Maximum point of financial opportunity is right at these levels. Reclaimed the area where the 17′ bull run had kicked off after a deviation below a year long support range. A massive bull flag. Think Mid term (2-3 months) .93c.”
All Eyes on Bitcoin
XRP’s price action may be dependent on that of Bitcoin at the end of the day. After all, the market leader leads other digital assets on multiple time frames.
Unfortunately, not everyone is convinced that BTC is primed to move higher. As reported by NewsBTC, one trader commented that Bitcoin is not yet in a bull market, despite fundamentals:
“I must be the only person on Twitter who is massively exposed to upside in stocks and #bitcoin yet doesn’t think this is an actual bull market. Feels more like a hyped top than a bottom and maybe this is 2020 and everything I thought I knew I don’t. I just don’t like when people tell me 24/7 that fundamentals have never been better. When in fact they were the same today as at both the 3000 bottoms.”
This was echoed by other prominent traders.
Featured Image from Shutterstock Price tags: xrpusd, xrpbtc Charts from TradingView.com This Should Be the Start of the Next Full-Blown XRP Bull Run: Analyst