Not So Bearish After All? Analysts Suggest XRP Ascending Triangle Forming

Not So Bearish After All? Analysts Suggest XRP Ascending Triangle Forming 12

While all eyes may be on Bitcoin at the moment, it may be time to pay XRP some heed.

Popular cryptocurrency analyst CryptoWolf recently observed that the altcoin is potentially forming an “ascending triangle bottom,” marked by a series of higher highs, a horizontal upper resistance, and tightening price action that imply a breakout to the upside will take place once the triangle nears its apex.

https://twitter.com/IamCryptoWolf/status/1205203227832193031

The assertion that XRP is forming an ascending triangle has been corroborated by CryptoSlate contributor Senor Satoshi, who also recently noted that the cryptocurrency is forming the positive price pattern on the medium-term chart. He noted that a break above the upper boundary of the triangle will result in a 13% surge, which will push prices back to where they were prior to the most recent drop. He added that there is a strong support level around $0.214, adding fuel to the bullish narrative.

While there is an ascending triangle playing out on short-term time frames, there is a large-scale descending triangle that is playing out. Per previous reports from this outlet

Advertisement
, a trader wrote that XRP recently broke below a descending triangle and a key uptrend line, implying a drop to $0.05 — 80% below current prices — could take place.

Ripple Ecosystem Sees Positive Boost as Xpring Launches

These bullish analyses come hot on the heels of a positive fundamental development in the broader Ripple ecosystem.

Revealed earlier this week, Xpring.io, the Ripple-sponsored XRP development platform and coding suite, has just launched. The platform will focus on providing developers in and out of the cryptocurrency space the ability to integrate payments into mobile applications. Ethan Beard, senior vice president of Xpring, has said:

That will be the central hub for developers to manage everything they need when it comes to integrating payments into their apps.

Ripple believes that Xpring will help enable its vision of enabling the “Internet of Value (IoV),” for this platform “will become a global network for developers” that “offers a set of tools, services and programs that makes it easier for developers to send and receive payments in any currency, across any network, using the XRP Ledger and Interledger Protocol.”

The adoption of Xpring should theoretically lead to increased demand for XRP in the future.

Featured Image from Unsplash
Advertisements

Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.


Google News EWN