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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Analyst Explains Why XRP Price May Soon Jump Over 100%

Nick Chong
Nick Chong
5 years ago
2 mins read
bitcoin price btc rise

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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.

$XRP #RIPPLE

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
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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