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XRP hasn’t done too hot over the past few months, both in terms of its performance against the U.S. dollar and against Bitcoin. Even over the past year, the third-largest altcoin has collapsed by 50%, underperforming the leading cryptocurrency by a massive margin.
Despite this, an analyst is starting to believe that the price of XRP is ready to jump, looking to a historical trend that indicates that bulls are poised to take over.
Related Reading: Trader Says Preventing XRP Investments in 2019 is His Proudest Achievement
XRP Price Ready to Surge?
Analyst Michael Van De Poppe, a contributor to CoinTelegraph and a trader at the Amsterdam Stock Exchange, recently remarked that he believes XRP may be on the verge of posting 175% gains in the coming months.
The analyst posted the chart seen below, in which he notes that he believes XRP’s current price action is very similar to the bottoming pattern seen in December of 2015 and January of 2016, which was followed by a massive spike to pre-crash levels.
He said should the current trend play out as it did in the previous cycle, meaning XRP will need to hold the $0.14-$0.17 range, it could surge as high as $0.473 — 175% higher than current prices — by the middle of 2020.
Broke down of this range for the first time in a year, similar to the period in December 2015.
Still expecting that period to be synonym for the current market.
Area around $0.14-0.17 is must hold zone. https://t.co/t0ZtitgrQx
— Michaël van de Poppe (@CryptoMichNL) December 27, 2019
Related Reading: Ripple (XRP) Hits 27-Month Low: What’s Behind the Sustained Crash?
Unwarranted Optimism?
Some are skeptical of this optimism, though.
A cryptocurrency trader recently remarked that XRP, despite what purpose its proponents may purport it to have, remains a “token made to enrich the Ripple company,” adding that it is fundamentally a stupid investment. He continued that with Ripple holding a large portion of the cryptocurrency, most of which will be sold to fund operations and spread the adoption of XRP, the outlook for the asset from a price perspective may be rather bleak.
This skepticism has been echoed by Tone Vays, a former Wall Street analyst who turned to Bitcoin years ago.
Related Reading: XRP Poised for a Bigger Loss Despite Ripple’s Mammoth $200M Funding Round
He told BlockTV in a recent interview that he thinks the “Ripple token itself has absolutely no place. It is now, more than ever before, just a security of the Ripple corporation… Everything about XRP is bad.”
That’s not to mention that the XRP price charts, some say, look horrible. A trader going by “Moe” recently noted that their use of the Richard Wyckoff schematics, used to determine market cycles, clearly shows that the “distribution” phase of the long-term XRP price trajectory is coming to an end, implying a strong long-term markdown will come next.
https://twitter.com/Moe_mentum_/status/1204646380079394816
Featured Image from Shutterstock
