A respected crypto analyst, via the Youtube channel CryptoTV, has shared a prediction that a significant upswing is imminent across the cryptocurrency market, with XRP potentially spearheading this charge.
He dives into Ethereum, Bitcoin, XRP, and the potential surge coming to the crypto market. He believes that based on market behaviors from the weekend, the breakout began on December 4, with the buying opportunity on the night of December 3.
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Concerning the breakout, he said, “It’s pretty much right there, as you guys can see across the board with these cryptos, we are breaking out.” He stated that every cryptocurrency was breaking out, and these surges were an early sign.
An Impending XRP Breakout
From the tokens highlighted, XRP sparked the analyst’s most fervent enthusiasm. He identified a bull flag formation on XRP’s chart, a historically reliable precursor to significant surges, which he highlighted on the chart. He showed that XRP had formed this pattern five times in the past year.
He also showed that XRP broke out of a major resistance on the descending line of the bull flag pattern. However, this breakout came on a Friday, and Saturday and Sunday ruined the surge. He explained that this was caused by the closure of the weekend market, which doesn’t allow much movement.
He pointed out that the trading volume would not come until Monday, prompting his prediction that the surge would begin on December 3. Despite some major swings in the last 24 hours, he believes XRP is still bullish in the short and long term.
According to the analyst, XRP could hit $0.7 and $0.8 with ease soon, based on the bull flag formation. He added that there would be a little uncertainty, but the breakout would come. Although he expects XRP to go up, some in the community want a further decline, as an analyst has predicted a 120% rally in 6 months if XRP drops to a certain price.
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Read Also: Expert Proves XRP Price Suppression with Ripple’s XRP Monthly Sale
Bitcoin and Ethereum Prediction
Bitcoin (BTC), having transcended a key technical barrier known as ascending fractal for two consecutive days, appears poised for further ascension. However, he pointed out that Bitcoin’s elevated Relative Strength Index (RSI) suggests the possibility of a temporary retracement.
Ethereum (ETH) echoes this bullish sentiment as the analyst highlights its two daily closes above a major price ceiling. He also anticipates a correction for Ethereum soon because the token will soon be overbought.
With the overwhelming bullish market sentiment, some analysts believe an XRP ETF could be a game changer for the crypto market, further cementing this bullish future.
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