Here is the XRP/USD monthly chart, as you can see, XRP decided to double bottom on a support level dating back to 2017 when XRP first entered the $0.20 price range. Even before the double bottom it had a wick that went very close to support and then price moved upwards. This support level is very valid.
Also notice how the monthly candle (which has about 4 days left at the time of writing this article) is currently above the previous high and actually might be able to break the next high of $0.24 and then after that its a straight shot to the $0.303 resistance.
Lets take a look at the smaller time frames to really emphasize how strong the buyers really are.
Here is the XRP daily chart, take note of how the recent sell wave was not very strong and became fairly weak while approaching support which is the reason buyers became incredibly strong, I mean look at how vertical the movements are to the upside.
I know this has been said many times before but I think we might just be finally entering the next bull cycle, considering the fact that Bitcoin broke a major trendline dating back to all time high in 2017, and after the weekly chart $11,500 resistance for Bitcoin the next stop is around $16,000.
I’m predicting that with this current momentum we could get back to the $0.30 range, and hopefully after that resistance continues to be broken so we can get to price levels above all time high.
