• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Binance Sees $218 Million In Outflows Following CFTC Lawsuit
xrp ripple crypto

Ripple Poised to Triple By Q4 2020 After XRP Forms Classic Bottom

Tony "The Bull" by Tony "The Bull"
3 years ago
in Bitcoin, Cryptocurrency news, Ripple
Reading Time: 2 mins read
Advertisement

XRP, the cryptocurrency asset often referred to as Ripple, has been among the worst-performing crypto assets and altcoins of the last two years.

However, according to one crypto analyst who has spotted what they believe is a classical bottom signature on XRP price charts, expects the asset’s woes to soon change and potentially triple in value before the end of the year.

XRP’s Recent Panic-Fueled Rollercoaster Ride

XRP has gained a negative reputation across the cryptocurrency community.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

The number three crypto asset by market cap is often accused of being less decentralized that competition cryptocurrencies like Bitcoin and Ethereum, is demonized for its association and relationships with bankers, and has gained notoriety due to Ripple executives selling XRP holdings in order to fund operations.

Related Reading | XRP Triggers Major Buy Signal As Crypto Asset Reaches Pivot Point 

The constant selling of assets each time XRP price rose at all, was in part responsible for the altcoin’s over two years of a bear market.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

After a breakout of downtrend resistance, all signs pointed to XRP being ready for liftoff, and the altcoin asset doubled in value during the first two months of the year.

However, what momentum the crypto asset had, was destroyed in a catastrophic coronavirus-fueled panic selloff that crushed cryptocurrencies like Bitcoin, Ethereum, and XRP, alongside the stock market, gold, and many other traditional investments.

The sell-off caused XRP price to plummet back down, setting a lower bear market low and taking the price of the asset to just over ten cents.

Ripple Price to Triple By Q4 2020, If Classic Bottom Holds

But as Ripple fell towards ten cents, it swept the lows of the previous reaccumulation cycle, taking place in early 2017, just before the crypto hype train took off and XRP rose to over $3 per token.

One crypto analyst claims that this type of behavior is the signature of a “classic bottom” formation, suggesting that the downside for Ripple in the future is limited.

$XRP

Monthly is about to close. Looking at the SPF/2017 pre-final pump accumulation lows sweep and this capitulation volume, this looks like a classic bottom signature, or what one would expect it to look like.

I am fairly sure Ripple is retesting 0.58 cents in 2020 (Q4) pic.twitter.com/ukY3LJfgut

— Blockchain Al Baghdadi (11.8k JUNE-XIMALIST) (@iam516tv) March 31, 2020

The analyst also says that based on the support holding, XRP could skyrocket to $0.58 cents per token, essentially causing Ripple to triple in value by the fourth quarter of 2020.

An alternative, contrarian view would consider that price action forming a massive, multi-year descending triangle, which if breaks down would take Ripple back to under a penny per XRP token – prices that the asset traded at long before cryptocurrencies became a household name.

Related Reading | XRP Fails To Reclaim Critical Long Term Support, Danger May Lie Ahead 

Descending triangles have repeatedly broken down on the price charts of cryptocurrencies in the past, suggesting that more downside for XRP is also a possibility.

However, if Ripple does indeed break out from the current lows, the analyst’s target of $0.58 cents is a reasonable near-term target for what will likely be a very explosive recovery once Ripple breaks free from downtrend resistance.

Featured image from Shutterstock
Tags: bitcoindescending triangleRipplexrpXRPUSD
Tweet123Share232ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Tony "The Bull"

Tony "The Bull"

Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check him out on Twitter or in his free TonyTradesBTC Telegram channel. Follow @TonyTheBull on Twitter and search CoinChartist on YouTube.

Related Posts

Bitcoin At $26,900: Is It Well-Positioned For Breakout Despite Potential Drop?

Bitcoin At $26,900: Is It Well-Positioned For Breakout Despite Potential Drop?

7 hours ago
Bitcoin

Are We At The Early Stages Of A Bitcoin Bull Market? Bitfinex Analysts Reveals

9 hours ago
Bitcoin Mining

Bitcoin Miners Transfer Large Amount To Exchanges, Sign Of Selling?

10 hours ago
Bitcoin

Bitcoin Repeating This Price Pattern Of Late 2019? Watch This

12 hours ago
Binance bitcoin exchange balances

Bitcoin In Free Fall As Regulators Turn Their Attention To Binance

13 hours ago
Bitcoin

Bitcoin Mid-Term Holders Move 50,000 BTC, Bearish Signal?

14 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Decentraland and The Sandbox Dominating GameFi Industry – Will Avorak AI Live Up To The AI Crypto Hype?

March 28, 2023

TMS Network (TMSN) Has Exploded 1000% With Stage 2 Presale, Injective (INJ) Sees an Increase of 10.5%, Conflux (CFX) Increases by 41.2%

March 28, 2023

Augmented Reality metaverse platform, OVER takes center stage at Metaverse Fashion Week 2023

March 28, 2023

Best Crypto Reviewed April 2023: 5 Cryptocurrencies to Invest in

March 27, 2023

Metacade Crypto Presale Brought In 14.1m in Just 18 Weeks and Is About to End. Don’t Miss Out on This Presale Event!

March 27, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.