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.
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.
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.
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.