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Although all cryptocurrencies have had it tough over the past few weeks, XRP has been hit especially hard. The altcoin, the third-largest crypto asset by market capitalization, fell as low as $0.105 on Thursday from its 2020 high of $0.345 established just weeks earlier, marking a drop of 70%.
However, the cryptocurrency rapidly bounced back above $0.13 and is now trading at $0.15 as a recovery in the digital asset markets seems to be underway. A top trader has suggested that this recovery could set the stage for a wider rebound in the value of XRP.
XRP Could Rally 100% As Key Support Holds, Analyst Suggests
Despite the recent weakness seen in the XRP markets, Calmly, a full-time digital asset trader, has expressed optimism about the asset, writing on Saturday that it may be time to “start accumulating Ripple.”
He remarked that XRP has held a long-term support zone around $0.13 — which the cryptocurrency decisively bounced off of in 2017 — suggesting that a bull case remains intact. Although Calmly did not give a concrete price prediction, his chart indicated XRP has room to rally nearly 100% to $0.27-$0.30, where there exists a long-term resistance band that the asset is likely to have trouble breaking through on first go.
#Ripple / $XRP – Begrudgingly, I think it's time to start accumulating #Ripple
1 The $XRP / $BTC chart looks like accumulation at monthly support. The #bitcoin pair held up during the crash
2 The $USD pair is at my long term support zone. Even during the crash this lvl held pic.twitter.com/lRqxjgCrzE
— Calmly | full-time trader (@im_calmly) March 14, 2020
Veteran Trader Begs to Differ
Although Calmly is expecting XRP to begin to rally as it held the key $0.13 level, another prominent analyst has begged to differ.
Per a previous report from NewsBTC, veteran commodities trader Peter Brandt, who has worked in markets for some three decades, is warning that the altcoin may be on the verge of entering a region where there is effectively no price support.
Pointing to the chart below, he wrote:
I said I would never again post a chart of XRP. But, I thought you all might be interested in what it means to have ‘White Space below’.
I am breaking a promise.
I said I would never again post a chart of $XRP
But, I thought you all might be interested in what it means to have …
"While space below" pic.twitter.com/Pse2DkEXfp
— Peter Brandt (@PeterLBrandt) March 12, 2020
While he didn’t convey a price prediction for the cryptocurrency, the comments in response to this tweet quickly filled in the gaps; per the comments, what Brandt depicted was that there is close to no support for XRP until it falls back to pre-2017 levels, as the cryptocurrency has fallen below a number of moving averages and key support levels.
Brandt’s tacit warning against XRP’s future prospects comes shortly after he explained that if he looks at the chart of Bitcoin “without bias,” he sees a “sub-$1,000” price, which would require BTC to drop at least 83% from the current price of $5,700.
Featured Image from Shutterstock
