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The XRP price is breaking down once again after a week of upward movement triggered by Bitcoin’s price above $90,000. This move has solidified support for the digital asset above $2, which continues to serve as a launch point for possible price increases. However, this is not the only bullish development that has come out for XRP during this time. A crypto analyst revealed that the XRP price has now crossed an important level, and the altcoin is expected to continue on its upward momentum again.
XRP Price Breaks Magic Line
The magic line in question here is an important trend line that has helped to show the trajectory that the XRP price could possibly take from here. This was observed by crypto analyst Master Ananda, who took to the TradingView website to share this notable break. In addition to this, the altcoin is also showing some major trends that suggest that bullish pressure is still higher than that of the bears, at least for the time being.
According to the crypto analyst, it is possible that the XRP price could succumb to a retrace from here, which would be the result of a major move. However, it is not all bad, given that the retrace could end up resulting in a correction. This is because a bullish continuation is a normal occurrence after a digital asset has confirmed support, Master Ananda explained.
In terms of the current movement, the magic line refers to the top orange trend line, which has obviously been broken. For the XRP price to follow the bearish downtrend, it would have had to push lower below $2. But bulls have maintained support above $2 and triggered a breakout toward $2.2.
Source: TradingView“The trendline has just been broken and XRP is moving sideways, consolidating,” the crypto analyst explained. This consolidation will lead to a bullish continuation. The next move is up.” If this holds, the crypto analyst’s chart shows an at least 30% move for the XRP price that could put the altcoin above $2.8 and well on the way to $3.
Not only are the technicals pointing toward a bullish continuation, but there are other factors that are propelling bulls. For one, the announcement that the CME Group is planning to launch its own XRP futures product has boosted community morale. Furthermore, another market analyst expects the XRP price to actually reach as high as $100 if it captures only 10% of SWIFT’s volume.
Featured image from Dall.E, chart from TradingView.com
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