Ripple Price Update: XRP/USD consolidates in a flag formation as analyst predicts even more upward movement
- Analyst “Crypto Credible,” said that XRP is preparing to ignite a massive upward movement.
- Technical analysis shows that XRP/USD is presently undervalued.
XRP/USD daily chart
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XRP/USD bulls have eked out an advantage for a second straight day as the price went up slightly from $0.2765 to $0.2772. The Elliott Oscillator shows ten straight red sessions. William’s %R is trending in the red zone, which indicates that the asset is presently undervalued.
XRP/USD is presently consolidating in a flag formation and faces strong resistance levels at $0.287, $0.291 (SMA 20) and $0.302. On the downside, there are three healthy support levels at $0.258, $0.2549 (SMA 50) and $0.2448.
A well-known digital asset analyst who goes by “Credible Crypto” has said that XRP is all set to ignite a massive move up. In a recent YouTube video, the analyst noted that the third-largest digital asset had started its bull run.
We’re now at the stage where XRP is about the break that high, so I’m looking for an expansion to the upside and my initial area of resistance is going to be this $0.40 region. Then, we may come down for a correction to retest these highs and then I expect we get our major wave three to start. That major wave three is going to be larger than the major wave one… We’d expect our wave three to travel, at the very minimum, to $0.67. That’s a massive move. That’s double where we are at right now.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
