XRP has broken out of the falling wedge with its origins in September 2018.
The wedge was first identified by crypto analyst, MagicPoopCannon.
XRP’s push in the crypto markets has the remittance coin gunning for $0.25.
XRP has edged out Tether (USDT) on Coinmarketcap and could remain in the number 3 spot if continues on its upward trajectory.
XRP has come a long way since its all-time high value of $3.84 back in January 2018. Back then, the digital asset was basking in the glory of a crypto-wide bull market and the rumors that the Coinbase exchange was going to list the digital asset. However, the listing did not happen till February 2019 and by this time, XRP was in a falling wedge that had its genesis from September 2018.
XRP Breaks Out from a Massive Falling Wedge, Aims for $0.25
This falling wedge was first identified by the popular crypto analyst, MagicPoopCannon. In his analysis, Magic had predicted that once the falling wedge was resolved, XRP had the potential to go as high as $0.77. He explained
we can see that there is an upside price target of about 0.77, which corresponds to the high from September 2018, where the falling wedge began to form.
Magic had also provided the following chart that now has XRP breaking out of the identified wedge. Furthermore, if before the $0.77 prediction plays out, XRP could be gunning for the important psychological price of $0.25.
Also to note is the fact that XRP is now above the 200-day moving average which Magic had identified as a massive obstacle for XRP moving forward.
XRP is currently finding resistance below the 200 day moving average (in purple.) So, the immediate obstacle for XRP is the 200 day moving average. If XRP can get above that and hold it as support, we could very quickly see a test of the top of the falling wedge — and that could produce an epic upside breakout.
XRP Edges out Tether (USDT) on Coinmarketcap
The bullishness of XRP has resulted in the remittance coin regaining control of its number 3 spot on Coinmarketcap. Furthermore, over $800 million in market capitalization separates the two digital assets on the tracking website. If XRP can continue on its upward trajectory, it could cement its position back in the top three digital assets according to market capitalization.
Below is a screenshot from Coinmarketcap demonstrating the resurgence of XRP.