Ripple Reclaims The Multi-Year Trendline Important For The Bulls

Ripple reclaims the multi-year trendline which is known to be extremely important for the bulls. XRP holds the title as one of the worst-performing assets on the market for 2020. The recent volatility hit the asset hard and underperformed Bitcoin Cash, Monero, Stellar and Litecoin in the first quarter of the year according to the XRP news today.

The bearish trend will likely reverse in the near future according to the data. Credible Crypto trader said that the recent recovery rally in the crypto market allowed the XRP’s long term chart to show a positive sign. The trader posted the charts that show how Ripple reclaims the trendline over the past week and also managed to move off of the downtrend from the all-time high that the cryptocurrency got rejected four times.

The Ripple XRP price also manages to breakout which is a sign that the bottom is coming in and that the XRP positions could await the upside in the upcoming months. Credible Crypto shared the technical analysis observation that came shortly after he noted that the crypto asset was creating a textbook diamond pattern that is a sign of an imminent bottom. The charts also show that the diamond pattern plays out and XRP and Bitcoin will likely rally by 100 percent in the upcoming months.

There could be some time before the diamond bottom plays out because of the formation occurring on the long-time frame charts. Other traders believe that it is too soon for investors in the altcoin market to get their hopes up.  The recent analysis shows that some traders called XRP hitting the $0.1 position and that it will remain in the middle of the Elliot Wave correction hat will likely see the price of Ripple falling to the $0.08 region. from there, the asset could continue lowering to $0.05 and will establish a long-term bottom later in 2020.
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There’s also a sentiment that XRP is in a macro bearish trend. Analysts highlight the double rejection pattern at the key horizontal support regions and we can see that the asset is entering a region where there is almost no liquidity, as one popular crypto trader said:

 “This is probably one of the scariest charts I’ve ever seen. I wouldn’t want to be bagholding this.”