The break of this long-respected descending resistance line could spark a massive trend reversal that places the embattled cryptocurrency firmly in the throes of its next major bull market.
Further adding to this bullish trend reversal is the fact that XRP is currently within the “spring phase” of an incredibly bullish technical formation, which is historically followed by a significant rally.
XRP Incurs Breakout Rally as Its Technical Situation Grows Increasingly Bullish
At the time of writing, XRP is trading up just under 6% at its current price of $0.253, which marks a notable climb from daily lows of $0.23 that were set yesterday just prior to the crypto’s breakout rally that kicked off overnight.
XRP isn’t the only major altcoin that is rallying now, and the aggregated crypto market appears to be growing increasingly bullish.
It is important to note that the cryptocurrency has also found itself caught within a Wyckoff accumulation pattern over the past several weeks, with it recently entering the “spring phase” of this formation.
This means that XRP’s currently rally could just be getting started.
“XRP – Once in a while you gotta stop and look around…. you could miss it… Spring it!” TraderXO, a popular crypto analyst, explained in a recent tweet.
$XRP – Once in a while you gotta stop and look around…. you could miss it
Spring it! pic.twitter.com/45VcIwt7xZ
— TraderXO (@TraderX0X0) February 1, 2020
The Crypto’s Two Year Bear Trend is About to Come to an End
In addition to confirming an incredibly bullish technical formation, XRP also appears to be on the cusp of breaking above a descending resistance line that has hampered its price action for 750 days.
The break above this level could spark a massive bull trend that leads the crypto to post some wild gains, with these technical developments potentially marking the start of an incredibly bullish year.
“Time to say bye-bye to 750 days of bear market. Pump it,” Galaxy – a popular crypto analyst on Twitter – explained in a recent tweet.
Time to say bye-bye to 750 days of bear market.
Pump it$XRP pic.twitter.com/apkq5dY9VD
— Galaxy (@galaxyBTC) February 2, 2020
Because XRP is about to post a massive break of this resistance level, the rally it sees in the coming couple of days and weeks could be intense, allowing it to significantly outperform both Bitcoin and other major cryptocurrencies.
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