- Analysts grow more bullish on XRP.
- The altcoin is printing a hidden bullish divergence pattern.
- It is also printing a similar structure to the 2017 bull pump era.
The crypto market continues to move in what seems to be an overall bearish move in terms of crypto prices, with BTC trading at a much lower target. Some expect much lower targets in store for BTC in the coming weeks ahead. However, analysts grow more bullish on XRP as hidden bullish divergence pattern comes to light. While some expect altseason to have been missed this cycle, others still expect a few altcoins to pump.
Analysts Grow More Bullish on XRP
The past week has been a sort of turning point for the crypto bull cycle. What was expected to become the peak of the crypto cycle and the onset of altseason turned out to be a turning point to a bearish market. Analysts are now either coming to terms with the fact that the bull cycle is over and altseason is being altogether skipped this bull cycle, or are finding hope with the still bullish indicators prevailing in the market for both BTC and altcoins.
One of the most bullish altcoins continuing to show strong bullish signals this bull cycle happens to be Ripple’s XRP. At the moment, the price of XRP is trading at $2.35 and is down by over 40% over the last month. Yet, despite the dip, the price of XRP is expected to hit much higher ATH prices in the coming weeks ahead, and analysts believe the price of XRP can even pump to 2-digit prices soon.
As we can see from the post above, this analyst believes that XRP is in a similar setup to that of 2017 and says the structure is progressing in a repeated pattern. As in the 2017 cycle, the price returned to the previous resistance zone (now the demand zone) after the major ATH rejection and is gathering strength. Following this accumulation, the groundwork is being laid for a new parabolic run.
This same observation is highlighted once again by another analyst in the post above. According to this one, XRP is repeating what it did back in 2017, which is to consolidate sideways for months until hitting the 20-month MA. After that, it shot up to finish off the cycle. Now, it looks to be setting up that way again, except it’s just taking a little longer this cycle because everything seems to be taking longer this cycle.
Hidden Bullish DIvergence Pattern Comes to Light
Lastly, another reputed crypto trader notices how XRP price is currently holding a hidden bullish divergence, indicating the movement back towards the $3.40 levels. At that point, prices will be above a key level which brings $4.804 into play, meaning we could see a continuation towards the meeting of it. Thus, the analyst concludes that the $4.804 ATH bull target could occur, leading to a much stronger move to higher highs.
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