Analyst Says “XRP Is Ready for a Big Rally”, Reveals the Only Necessary Condition!

Donald Trump’s November victory sparked a rally in Bitcoin (BTC) and altcoins, with Bitcoin and XRP being the two cryptocurrencies that benefited the most from this victory.

At this point, Bitcoin reached new highs of over $108,000 in its rally, while XRP reached the $3 limit.

Although XRP has failed to break above $3, it has achieved significant success by rising by over 350% since November.

Market analyst Omkar Godbole noted that XRP’s bullish process is not over.

Analyzing the XRP chart, the analyst said that XRP has been forming a “descending triangle” pattern since its peak of $2.9 in early December.

According to his technical analysis, the analyst said that a bullish breakout from this pattern could lead to XRP continuing its uptrend and experiencing a price increase of 40% or more.

“According to the CMT Association’s technical analysis theory, descending triangles usually end with a breakout to the downside. However, bullish breakouts can also occur, providing an average gain of 47% to 16%.

In other words, according to the analysis, there is a descending triangle formation in XRP and if this pattern breaks to the upside, the XRP price could rise by 40% or more.

This could signal a resumption of the previous bull run from lows near $0.5 early last November.

However, if the price breaks out of the pattern, breaks to the downside and breaks below the horizontal support line around $2.00, all bullish bets will be cancelled.”

XRP continues to trade at $2.32 at the time of writing.

*This is not investment advice.

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