There’s a “Real Chance” XRP Could Triple in the Long Run: Analyst

2020-8-4 02:59

Believe it or not, XRP has been one of the best performing crypto assets of the past ten days.

After a brutal bear market that brought it 97% below its $3.50 all-time high, the asset surged past $0.30 late last week for the first time in many months. XRP even managed to fend off the bearish effects of Bitcoin’s flash crash on Saturday, recently rebounding to pre-drop levels.

Chart of XRP's price action over the past two months from TradingView.com

Certain analysts say that the asset’s strength is the start of a macro bull run that may bring the coin above $1.00.

Related Reading: Crypto Tidbits: Ethereum Surges 20%, US Banks Can Hold BTC, DeFi Still in Vogue XRP Could Be at the Start of a Big Bull Run

After Ethereum began to rapidly trend higher two weeks ahead, analysts began to price in a similar move for XRP. This expectation has played out as XRP has rocketed 30% higher in the span of a few days, outperforming almost every other legitimate cryptocurrency.

Seeing the recent rally, the head of technical analysis at Blockfyre — a crypto research firm — now thinks that XRP is on the verge of a macro bull run. In an analysis published on August 3rd, the trader wrote:

“A real chance at this being a macro reversal long term targets can be .93-$1.09. Close this 1W over 33c and you have your first macro HH in almost 1000 days signaling long term bullish.”

Chart of XRP's macro price action with analysis by the head of technical analysis at Blockfyre "Pentoshi" (@pentosh1 on Twitter). Chart from TradingView.com

This bullish sentiment about the altcoin has been echoed by other market participants, who also pointed out the significance of the ongoing breakout.

XRP may also be buoyed by fundamental trends related to Ripple Labs, a fintech company that owns a large amount of the cryptocurrency.

In July, Spanish banking giant Santander revealed that it will continue its partnership with Ripple. The duo will be working on deploying Ripple’s technology to boost Santander’s global presence in new markets.

Don’t Expect It to Outperform Bitcoin

Although XRP may be in a macro breakout against the dollar, a trader is cautious to admit the altcoin will outperform Bitcoin moving forward.

As reported by NewsBTC previously, he thinks the rejection on the weekend constituted a “bearish retest” of a pivotal macro resistance. Unless that retest is reversed, he expects XRP to undergo a 55% retracement against BTC.

Chart of XRP's price action against Bitcoin over the past few years from full-time crypto trader "Calmly" (@im_calmly on Twitter). Chart from TradingView.com

 

Related Reading: Analyst Who Predicted Drop to $10,500: Bitcoin Could Plunge Another $1,500 Featured Image from Shutterstock Price tags: xbtusd, btcusd, btcusdt Charts from TradingView.com There's a "Real Chance" XRP Could Triple in the Long Run: Analyst

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xrp past market bear brutal days ten

Источник: newsbtc.com

xrp past → Результатов: 126


XRP to ascend with descending broadening wedge pattern

XRP crossed a major barrier this week by breaching $30-key level but fell shortly after. After a surge of 2.05% over the past 24-hours, XRP rose to a valuation of $0.29, at press time. Lately, XRP’s price has been following an uptrend and as bears continued to dominate the market, a potential bullish breakout could […] The post XRP to ascend with descending broadening wedge pattern appeared first on AMBCrypto.

2019-10-20 00:30


XRP flirts close to descending triangle base; squeeze to prolong altcoin descent

XRP is feeling the squeeze. The past week was a roller coaster for XRP. A ratings council consisting of cryptocurrency exchanges like Coinbase, Kraken and Bittrex, and institutional players like Grayscale, DW Trading and Genesis Trading stated that XRP used “securities-like language,” and that it is more akin to being classified as a “security,” than […] The post XRP flirts close to descending triangle base; squeeze to prolong altcoin descent appeared first on AMBCrypto.

2019-10-5 14:30


XRP uses ‘securities-like language’, while Litecoin and Bitcoin stand clear, claims Crypto Rating Council

Will the real security please stand up? The debate around whether cryptocurrencies should be classified as “securities,” has been raging for the past few years. Heating up ever since companies began issuing their own “cryptocurrencies,” while distancing themselves from its inner governance, the case of what differentiates a company issuing an ownership share and a […] The post XRP uses ‘securities-like language’, while Litecoin and Bitcoin stand clear, claims Crypto Rating Council appeared first on AMBCrypto.

2019-9-30 15:08


Ripple’s XRP Current Price Decline, This Could Be the Reason

XRP has declined in price in the past few hours, and a lot of people are wondering what may have caused it. Is it due to the sudden decline in Bitcoin’s price, or is there more to it than the virtual asset is letting on? Nonetheless, a reason that can be attributed to XRP’s recent […] The post Ripple’s XRP Current Price Decline, This Could Be the Reason appeared first on ZyCrypto.

2019-8-14 23:04


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