XRP Could Soon Follow Ethereum’s Bullish Lead

Their price movements, however, share several similarities, allowing for the possibility that XRP will soon initiate a rapid move to the upside.

XRP (XRP) Price Highlights

• XRP has broken out above a descending resistance line.
• There is resistance at 3,750 satoshis.
• The price is trading inside a short-term descending wedge.
• A golden cross could soon transpire.

Cryptocurrency trader @cryptotunez tweeted an image with two charts, showing the prices of both XRP and ETH, indicating that the two are showing similar patterns. If the fractal continues developing, XRP could soon see a massive breakout towards new highs.

same energy$XRP vs. $ETH pic.twitter.com/rMWJChoM8o

— tunez 5.0 🔑 (@cryptunez) February 24, 2020

Ethereum

The Ethereum price made a bottom on Sept 6, 2019. Its price movement since has had three main attributes:

• After the bounce from the bottom, the price increased all the way to ₿0.023. The ensuing decrease caused the price to retrace all the way to the 0.88 Fib level before breaking out.
• After the retracement, the price broke out from a descending resistance line.
• A bullish golden cross between the 50 and 200-day moving averages (MA) transpired shortly after.

In addition, once the price broke out above the resistance area, it increased by 25%, reaching the level in which it is currently trading at.

XRP

Similarly, the XRP price reached a low on Sept 6, 2019. After the ensuing increase, it created a resistance area at 3,750 satoshis. Similar to ETH, the XRP price created a descending resistance line from which it broke out. However, unlike ETH, this line did not begin at the exact high, but rather from a lower-high. The retracement was completed at the 0.88 Fib level, identical to ETH. While a golden cross has yet to occur, it is very close to doing so, which would confirm the pattern. If the price was to increase 25% above the main resistance area, it would reach a high of 47,000 satoshis. Using the Wyckoff distribution, BeInCrypto predicted a very similar movement in our previous XRP analysis. In the short-term, the price is trading inside a descending wedge and currently at the support line. Besides this particular wedge being considered a bullish reversal pattern, the RSI has generated bullish divergence, a sign that the price wants to move upwards. Therefore, a breakout will likely soon occur, initiating a similar movement to that of the ETH price. To conclude, the XRP price is creating a movement very similar to that of ETH. If it continues moving in this manner. the price will soon reach the resistance area at 3,750 satoshis. A breakout could take the price all the way to 4,700 satoshis.