XRP can reach $0.77.

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The popular cryptocurrency analyst MagicPoopCannon has released a recent analysis. The analyst thinks that the third largest cryptocurrency, XRP, has hit the underside and is prepared to retest the $ 0.77 level.

In breif description, Magic says that XRP has been in a very sharp decline since September 2017. additionally, the analyst stated that even during the Coronavirus collapse in mid-March, XRP maintained its important price, like $ 0.12 – $ 0.15. Below is that the log chart employed by Magic in XRP analysis.

XRP Can Reach $ 0.77

According to Magic, the very best level target of $ 0.77 corresponds to the very best level in September 2018 and where precisely the falling wedge began to create. However, Magic makes it clear that it remains neutral because of the state of world economies as a results of the Coronavirus pandemic. He also stated that the 200-Day MA may be a difficult hurdle for XRP.

In addition, XRP is currently within the resistance zone below the 200-day moving average (in purple). For this reason, the obstacle before of XRP appears to be a 200-day moving average. If XRP can overcome this and hold it as a support, we are able to see a test of the upper a part of the falling wedge very quickly, and this could cause an epic inverted rupture.

Falling Wedge May Start XRP Rise
As a results of the analysis, Magic expressed optimism that XRP is also reversed very soon and explained his views as follows:

I think we’re likely to see an upward break soon, but that’s just speculation. Despite being neutral, I will become an XRP receiver if it has a strong breakdown that creates a falling wedge, a support of over 200 MA.

Source—SOMAG