Ripple XRP Could Explode Higher If Technical Stars Align

We all know that Ripple XRP could explode and reach the all-time highs it once posted. However, in order for that to happen now, the Ripple news must see a couple of technical factors colliding. And after peaking last week, the market leaders Bitcoin, Ethereum and Ripple XRP could only retrace if their losses are recovered in the short term.

As you probably know, XRP was hit hard by the retracement last week, falling from its multi-month high somewhere above $0.34 to as low as $0.265 during the flash Wednesday sell-off which brutalized bulls and liquidated millions of dollars worth of Bitcoin positions on BitMEX as well as other leverage exchanges.

The more-than 25% retracement in the price of the third largest cryptocurrency still makes some analysts remain optimistic, touting a number of indicators which suggest that bulls may soon return to their fields and Ripple XRP could once again post double digit gains.

According to the popular crypto commentator CJ, XRP’s chart setup suggests a strong breakout to the upside very soon. He depicted the fact that XRP has been building a falling wedge pattern over the past two weeks which could break to the upside. But as he also summed up, the demand zone around $0.24 needs to be swept off in order for XRP to gain more and again be in the focus of the cryptocurrency news.

$XRP – This would be nice. pic.twitter.com/2I1gXOYLyn

— CJ (@CJ900X) February 22, 2020

All of this is far from the only technical sign that may support bulls moving forward. Still, previous reports showed that the signal was seen two weeks before the altcoin began its infamous surge at the end of 2017, during which the asset gained more than 1,000% in under a month’s time.

This is why Ripple XRP could visit new highs again. The eerily accurate trader Financial Survivalism was quick to jump in the Ripple news too, suggesting that the asset could easily hit $0.70 this year. He backed this forecast by looking at the technical indicators including the Heiken Ashi candles which turned green this week, the implying reversal, as well as the key horizontal which was turned into support.

Right now, Ripple (XRP) is trading at $0.2815 with 2.79% gains on the day. And while there are a couple of technical factors that need to play out, most are not sure if XRP is ready to see the strong breakout that CJ and his fellow analysts suggested that could take place.