Per previous reports from Ethereum World News, analyst Crypt0mer recently observed that XRP is about to “make a move.” While the trader did not say whether this move will be bullish, a chart he posted as the time implied that this “move” will be in the upward direction.
Crypt0mer illustrated in the chart that the cryptocurrency has broken out of a one-month long descending channel as Bitcoin has jumped higher, implying a bullish continuation; an ascending channel seen earlier this year saw XRP’s price collapse after the asset broke below it. That’s not all, as he went on to note that the Klinger indicator is about to trend into positive territory for the first time in some four weeks, all while the RSI is approaching a key territory. If bulls manage to push the cryptocurrency slightly higher, past $0.225, where it sits as of the time of writing this, a bullish trend could start to form.
It appears that recent price action has confirmed that a bullish trend will form in the near future. Crypt0mer recently noted that buying interest “kicked in around $0.21” making a “bounce to $0.25 reasonable.” For some perspective, a move to $0.25 would be a 11% rally from the current price of $0.225.
Buying interest kicked in around $0.21, a bounce to $0.25 seams reasonable, if $XRP catches on fire maybe a re-test of $0.285 since it gapped down hard.
Here is the 12hr VPVR, and HTF fib retracement levels on the log scale. I'm trading the bounce rn, then I'll re-evaluate. pic.twitter.com/SdmdJT6mq6
— CƦYP₮ΘɱΞƦ 🐻❄️ (@Crypt0mer) December 8, 2019
The Bearish XRP Argument
While a short-term bull trend could form, some argue that the ball is still decisively in the court of the bears.
One such argument came from prominent though controversial trader Magic, who noted that XRP is in the midst of an extended falling wedge pattern (normally deemed long-term bullish but short-term bearish). The wedge pattern predicts that the most likely path that the cryptocurrency is going to take in the coming weeks will be for it to fall 20% to $0.17.
He isn’t the only one touting bearish analyses. Per previous reports from Ethereum World News, Jonny Moe, a popular trader, noted that XRP remains in a decisively bearish position, having lost the lower level of a bearish descending triangle that pushed the price of the cryptocurrency lower since 2018. The projected move of the triangle, which is calculated by finding the percentage lost between the top of the triangle and the lower bound, is a 68% drop from $0.24. Should the pattern play out in full, the cryptocurrency will tumble all the way to $0.08 in the coming months.
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