The Ripple XRP news are viral today and show that despite the latest sluggish performance, the price of this coin could easily go up. Now, a top analyst says that a 175% bullish rebound is coming for the coin and is expected to hit the markets soon.
We are talking about Crypto Michael who is a popular cryptocurrency analyst on Twitter. He spoke about this on Wednesday and predicted that the XRP-to-dollar exchange could soon undergo a massive trend reversal. The top analyst says that a 175% rebound is coming for the pair, which will be inspired from its historical trading data as shown in the charts now.
The top analyst says that XRP’s current price action comes against a similar bout of trading that was seen between Q4 of 2015 and Q4 of 2016. Back then, XRP had undergone a deep downside correction with its price dipping from $0.025 to $0.0041 in a 12 month period. He noted that XRP posted bearish moves in 2019 and is now ranging in a potential reversal area:
“Massive downtrends ready to be broken down,” he tweeted. “This could give a target for $XRP of $0.48, a potential rise of 175% from here.”
Before this big breakout, Crypto Michael expected XRP to trend sideways in a range from $0.166 to $0.254 as its resistance. This occurred and the analyst was right. However, the sideways momentum lasted for less than six months before XRP broke out to the upside, establishing a new high of $0.009 with a 125% gain.
Still seeing many similarities to the period in December '15.
Massive downtrends ready to be broken down.
This could give a target for $XRP of $0.48, a potential rise of 175% from here. pic.twitter.com/4jZKoIN47Y
— Crypto Michaël (@CryptoMichNL) December 31, 2019
In a scenario like the one nowadays, a breakout for XRP above the $0.245 resistance could pave a clear price rally towards $0.48. The analyst noted that the bullish target also coincides with one of the falling trend line resistances formed during the ongoing XRP downtrend.
While the top analyst says that a 175% run is coming for XRP, we can see that his bullish prediction comes at a time when Ripple Labs is battling a massive bout of FUD. As stats show, the San Francisco based company sold $1.2 billion worth of XRP in 2019. This move did not sit well with many Ripple investors and many of them interpreted the token selling as efforts to bring the XRP rates down.
On the good side, Ripple Labs (company behind XRP) established partnerships wth MoneyGram and other banks, and raised an additional $200 million in the latest funding.
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