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XRP Price Could Explode After Wyckoff Spring Phase That Seems to Be Really Close

News
Sat, 02/01/2020 - 19:04
Alex Dovbnya
XRP might end up massively outperforming Bitcoin (BTC) this year
Cover image via www.123rf.com

While Litecoin (LTC) and some other altcoins are rallying hard, XRP remains under the radar. However, according to a chart shared by TraderXO, the coin might be ready for another massive rally that would allow it to outperform Bitcoin (BTC) big time.  

Related
XRP Gets Listed on Major Swiss Crypto Exchange

XRP, the token that is used for cross-border payments by blockchain company Ripple, became the biggest story in crypto in 2017 after its price gained more 35,000 percent and touched $3.50 on Jan. 7, 2018. The third largest cryptocurrency is still down 93 percent from its all-time, currently trading at $0.24

Things could change fast for XRP since it’s about to form the 'Wyckoff Spring' pattern after six months of range-bound accumulation. During Phase C, the XRP price drop is likely below its current support level against BTC, which usually ends up being a bear trap.

image by @TraderX0X0

The Wyckoff spring is usually followed by Phase D when the price is expected to move to the top of the trading range and flip resistance into support. Phase E would mark the start of another uptrend for XRP.  

Related
XRP to Be Offered as Benefits Option by SBI Holdings to Its Shareholders

Still, there is plenty of traders who are bearish on XRP. As reported by U.Today, Jacob Canfield said that the token's price action was "painful to look at" and predicted a new low.       

 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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