Crypto Trading Company. This Bizarre Factor Could Lead XRP to See an Insane Rally

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It’s no secret that XRP has a track record of seeing incredibly poor performance over the past several days and weeks, with the embattled crypto posting fairly consistent losses throughout 2019 while struggling to match the massive gains seen by many other major altcoins in 2020. It is important to note that this lackluster price action may soon be coming to an end, and there’s a surprising catalyst that could drive its next major parabolic rally. This covert factor – coupled with an incredibly bullish technical formation that the crypto is currently caught within – suggests that the coming few weeks and months could be incredibly bullish for XRP. At the time of writing, XRP is trading up just under 1% at its current price of $0.24, which marks a notable climb from daily lows of just over $0.23. It is important to note that the cryptocurrency is currently trading off of daily highs of $0.245 that were set earlier this morning, but its buyers do seem to be firmly in control of its current price action. One factor that could have an impact on the crypto’s price action in the near future is the listing of a new contract on popular trading platform BitMEX, which will allow users to long or short XRP using BTC as collateral. This contract – which is referred to as a swap – will be introduced on February 5th. Bagsy – a crypto trader on Twitter – explained in a recent tweet that the timing of this contract’s launch coupled with XRP’s ongoing attempt to break its multi-year USD downtrend could mean major volatility is imminent. The introduction of a new BTC-based XRP swap on BitMEX isn’t the only factor that could hold some sway over the crypto’s near-term price action, as it also appears to be entering the “spring phase” of a Wycoff accumulation pattern. While keeping both these factors in mind, it does appear that XRP is bound to see some significant upside in the near-term.

All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/02/01/this-bizarre-factor-could-lead-xrp-to-see-an-insane-rally/

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This Bizarre Factor Could Lead XRP to See an Insane Rally: https://www.youtube.com/watch?v=6C_wiPTU0Ic