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XRP Reaffirms Long-Term Trend: Why Is This Necessary for Bulls?

Primexbt said that despite being the third largest cryptocurrency, the price of XRP fluctuated quite negatively, the coin was weaker than Bitcoin Cash, Litecoin, Monero, Stellar and many others in the first quarter of this year.

However, according to a cryptocurrency trading expert, the bearish trend is likely to be reversed in the near future.

1. Positive signals from analysts

According to Credible Crypto, an asset trader and a Youtuber, the recent rally in the crypto market has allowed XRP’s long-term chart to produce a rather positive sign:

The trader posted the chart below on April 16, depicting that XRP has definitively reasserted a multi-year trend over the past week, attempting to break out of a downtrend since its all-time high. which has been rejected four times.

Taking control to create this breakout is a sign that a bottom is in, says Credible. Very sure of this, he added his XRP positions and waited for growth in the coming months.

Credible Crypto's share of these technical analysis comes shortly after he noted that the asset is in the process of forming a diamond** pattern, a sign of an impending bottom.

According to previous reports from NewsBTC, the charts he outlines indicate that if diamonds are created, both XRP and Bitcoin will increase by 100% in the coming months, then surpassing the 2020 halving.

Maybe you are interested: 

Bitcoin price has plummeted but still can't break through resistance!

2. Too Early to be Bullish?

However, others have said that it is too early for altcoin investors to be hopeful.

Per previous reports from NewsBTC, the same trader who thought XRP would hit $0.13 last month said that the coin is still in the midst of an Elliot Wave correction and is likely to drop to zero. $0.05 - $0.06 to establish a long-term bottom in mid-2020.

Besides, there is also a comment from a crypto expert that XRP is macro bearish. He shared the chart seen below to convey this point, highlighting the “double rejection” at key horizontal support areas and the fact that the asset is entering. an area with significant illiquidity. With this chart, he says:

“This is probably one of the scariest charts I have ever seen. I wouldn't want to be a Bagholder***”

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