The past few days haven’t been kind to the crypto markets. After peaking last week, market leaders Bitcoin, Ethereum, and Ripple’s XRP and smaller altcoins saw their values tank.<\/p>\n
XRP was hit especially hard by the retracement, falling from its multi-month high somewhere above $0.34 to as low as $0.265 during the flash Wednesday sell-off<\/a> that brutalized bulls, liquidating millions of dollars worth of Bitcoin positions on BitMEX<\/a> and other leverage exchanges.<\/p>\n Despite this brutal more-than 25% retracement in the price of the third-largest cryptocurrency, analysts remain optimistic, touting a number of indicators suggesting that bulls may soon return to graze in the XRP fields, so to say.<\/p>\n Popular crypto commentator CJ recently remarked<\/a> that XRP’s chart setup suggests a strong breakout to the upside may soon occur.<\/p>\n In his chart, he depicted the fact that XRP has been building a falling wedge pattern over the past two weeks, which more often than not break to the upside. The wedge CJ drew ends at the top of a demand zone (which may act as a region of support) around $0.24, adding to the potential for the wedge to break upward \u2014 something that the analyst suggests will take XRP to $0.35.<\/p>\n $XRP<\/a> – This would be nice. pic.twitter.com\/2I1gXOYLyn<\/a><\/p>\n — CJ (@CJ900X) February 22, 2020<\/a><\/p><\/blockquote>\nRipple’s XRP Prints Flurry of Strong Signs<\/strong><\/h2>\n
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