- Analysts and traders break down the bullish divergence formation for altcoin XRP.
- The popular altcoin asset could pump bullishly in the coming weeks ahead.
- Can XRP finally set a new ATH in the months ahead?
With the price of pioneer crypto asset Bitcoin (BTC) and the pioneer altcoin asset, Ethereum (ETH), both trading at much lower price targets, analysts and traders grow eager to see a bullish recovery play out soon. Presently, many traders are keeping a close eye on potential altcoin assets such as Ripple’s XRP. At the moment, analysts and traders break down the bullish divergence formation for altcoin XRP.
Analysts and Traders Breakdown the Bullish Divergence Formation of XRP
Since the latest bull cycle began, analysts, traders, holders, and investors have been patiently awaiting the prices of promising altcoins to surge at a parabolic rate. This phase was expected to come during the cycle’s promised altseason phase, a time that has historically arrived at the end of the bull cycle. However, this time, analysts claim that the bull cycle has ended without an altseason.
On this matter, several seasoned analysts and traders refuse to believe that the bull cycle can switch to the bear cycle without an altseason to have occurred first. Thus, several analysts continue to look at altcoin price charts to determine when the altseason phase can arrive, allowing promising altcoins to surge to new ATHs. So far, several altcoins have been showing steadily bullish indicators across their price charts.
Ripple’s XRP Continues to Build Bullish Steam
Ripple’s XRP is one such asset, a popular altcoin that has been growing steadily more popular this cycle, since it won its battle with the SEC. Since then, the asset has pumped parabolically twice already, but has yet to reclaim its previous ATH price target set 8 years ago. At the moment, the price of XRP is yet to make a steady climb to reclaim this price, since the price dipped alongside BTC and ETH.
As we can see from the post above, this reputed crypto analyst notices that on the weekly chart, XRP is back at a major horizontal support zone while momentum indicators are flashing extreme oversold conditions. Meanwhile, the Stochastic RSI is sitting at extreme oversold levels, showing that selling pressure has already done a lot of work. The analyst says that markets don’t turn because things look ‘bullish’, they turn when there’s little fuel left on one side.
Meanwhile, another reputed trader and analyst looks at the bullish divergence breakdown that the asset has printed recently, following a descending triangle. The asset printed after it set its previous ATH price. Since it lost this support, the asset has steadily been running a bullish divergence pattern instead. The post concludes that this RSI-led bullish divergence will eventually push the price of XRP to much higher targets.
