This trend has continued into the second quarter of this year, with charts from CoinMarketCap indicating that XRP is up a mere 2% since April started while Bitcoin has gained a more impressive 5%.
But, according to a popular crypto trade, this trend is likely to reverse, remarking that XRP is printing a textbook sign of a bottom, and will soon reverse strongly to the upside.
XRP Could Soon See Massive Bull Reversal: Analyst
Analyst “Credible Crypto” recently showed that both Bitcoin and XRP are in the midst of printing a textbook diamond pattern, which he claims is a sign of an imminent bottom.
His chart depicts that if this formation plays out, the two cryptocurrencies will rally by 100% in the coming months as we head into the halving. As Credible Crypto added, that it may take “some time” for the diamond bottom to actually pan out due to the formation occurring on a long-time frame chart, the one-day.
Luke Martin, a prominent crypto trader featured on CNN, echoed this sentiment, writing that he thinks XRP/BTC will rally dozens of percent to a long-term resistance over the coming days and weeks.
Don’t Get Your Hopes Up
Others, however, have said it is too soon for investors in the altcoin to get their hopes up.
XRP is currently in the midst of an Elliot Wave correction, which will likely see the cryptocurrency fall towards $0.08-0.09, then continue lower to $0.05-0.06 to establish a long-term bottom in the middle of 2020.
Also, Peter Brandt — a veteran commodities trader — explained in the middle of March that there is only “white space below” on the long-term chart of XRP, suggesting that it could continue to plunge lower on a macro scale without much support.