According to the popular analyst in one of his recent YouTube videos, the bottom of the bear market is already in for the Ripple’s digital token XRP, and a huge price upside movement should be expected for the digital token.
“We’re now at the stage where XRP is about the break that high, so I’m looking for an expansion to the upside and my initial area of resistance is going to be this $0.40 region. Then, we may come down for a correction to retest these highs, and then I expect we get our major wave three to start. That major wave three is going to be larger than the major wave one… We’d expect our wave three to travel, at the very minimum, to $0.67. That’s a massive move. That’s double where we are at right now.”
In the analysis, Credible Crypto used Eliott Wave Theory, the advanced technical analysis that is based on pinpointing recurring wave patterns that reveal the repetitive behavior of market participants.
“Now that we’re above [the $10,000] level, it is essentially acting as support. So for me, this is essentially our new floor before we break $14,000. I do expect that this area essentially holds and then eventually we grind our way up to $14,000 plus. I’m expecting us to reach above $14,000.”
XRP Active Addresses on the Increase
According to Santiment, the crypto analytics platform, XRP active addresses have been on the increase despite the price retracement experienced by the cryptocurrency over the past week.
Santiment tweeted, “In spite of XRP’s -9.2% retrace this past week, the active address output we’re seeing for the #3 market cap crypto asset has remained high. Ripple holders can take solace in it being one of the few alts with a DAA bullish divergences we’ve identified.”
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