By Solomon Odunayo
A popular cryptocurrency analyst, Youtuber, and asset trader, Credible Crypto, opined that the recent recovery rally in the crypto market has given room for Ripple’s XRP long-term chart to print its second positive signal.
A couple of hours ago, Credible Crypto captioned a chart in a tweet, depicting that the digital token XRP reclaimed a multi-year trendline over the past week.
He averred that this came about after bouncing off a downtrend line from the price all-time high, where the digital currency was rejected for about four consecutive times.
The fact that it managed to make this breakout, the trader wrote, is a notable signal that the “bottom is in”. He added that this scenario convinced him to buy more XRP as he awaits an upside trend in the coming months.
Credible Crypto shared this, “Do not underestimate the significance of this TL from ATH. We had a false breakout as the dump on BTC brought the rest of the market down with it but the ATH downtrend line has been reclaimed. I re-iterate my belief that the bottom is in. Long from .176 and adding on dips. $XRP.”
Do not underestimate the significance of this TL from ATH. We had a false breakout as the dump on BTC brought the rest of the market down with it but the ATH downtrend line has been reclaimed. I re-iterate my belief that the bottom is in. Long from .176 and adding on dips. $XRP pic.twitter.com/8XFuViwM1I
— CrediBULL Crypto (@CredibleCrypto) April 16, 2020
The observation of this technical analysis shared by Credible Crypto came moments after he noted that XRP was in the midst of printing a textbook diamond pattern, which he clarified as the sign of a forthcoming bottom.
However, the trader further added that it may take some time for the diamond bottom to surface, considering the formation occurring on a long-time frame chart.
Can the Bulls Rejoice Now? Some other cryptocurrency analysts see this from a different perspective, as they intensified that it’s too early for altcoins’ investors to rejoice.