To further explain why he was super bullish on XRP, Magic explained that Bitcoin has set the pace for the rest of the crypto market and it is only natural that other digital assets should follow a similar path.
Not only do I think it’s possible, I think it’s inevitable. Bitcoinhas clearly demonstrated where this market is heading, and it’s much much higher. Even, if we consolidate, pull back, do a backflip, whatever, the stage is set. This is what we’ve been waiting for. To everyone who has followed me over the past few years, I love you. Now let’s get what we’ve earned!
- MagicPoopCannon has identified a bull flag on the daily XRP/USDT chart
- If the bull flag plays out to the upside, XRP could spike to $1.20
- Bitcoin has set the pace for the entire crypto markets and the only logical direction is up for XRP
Veteran Bitcoin and Crypto analyst MagicPoopCannon, has updated his analysis of the remittance coin of XRP. According to Magic, XRP has printed a bull flag on the daily chart. A resolution of the bull flag to the upside could send XRP to a value of $1.20. Magic further explained his forecast of XRP as follows.
Now, if we flipped over to a daily chart, this entire pattern would be easily identifiable as a bull flag. However, it isn’t just ANY bull flag— no — this is a gargantuan, 250% bear slaying rocket flag. If the flag plays out to the upside (as we know not 100% of all bull flags do) the target is at 1.20. That’s 100% higher than where we are now.
Below is a screenshot of his analysis of XRP.
XRP Must Break $1 to Get to $1.20
Ahead of XRP’s journey to $1.20, are several resistance zones around $0.80, $0.92, and $1. Popular market analyst Will Meade highlighted via Twitter that XRP making it to $1 was likely to occur as soon as Bitcoin made the next big move. Mr. Meade shared his analysis via the following tweet.
$XRP #Ripple will go to a $1 after #Bitcoin big move, buying more.
— Will Meade (@realwillmeade) December 17, 2020
XRP’s Fate is Tied to Bitcoin’s
Further reiterating Magic’s observation that Bitcoin has set the pace for the crypto markets, any sudden movement by BTC in either direction will most likely have a negative effect XRP. Therefore, traders and investors of XRP are advised to have a close eye on any sudden Bitcoin movement that might ruin the party.