Crypto Trader Predicts XRP To Hit $28 With Next Bull Run; Crazy Thinking Or Real Possibility?
- The trader states that a one-year bull run often happens for XRP after two years of bearish trends.
- At its all-time high, XRP was only worth $3 each, recorded just after Bitcoin nearly reached $20,000 in December 2017.
XRP is considered the third-largest cryptocurrency in the world, based on its market cap. While there have been a few moments in its lifetime that it has pushed to the #2 spot, it has struggled to maintain its performance since the beginning of 2018. At the time, XRP reached an all-time high of $3, but it has seen nowhere near that number as of late. Presently, XRP is worth $0.214531, since it has suffered the same fate as many altcoins after December 2017, dropping with Bitcoin.
Despite the last two years of performance, traders appear to have some bit of hope, stating that the charts indicate that XRP will be able to move up again with a bull run in 2020. Explaining the prediction, a trader on Twitter named D.I.Y Investing shared some information he’s investigated himself. He says that XRP goes through a distinct pattern – two years of a bearish cycle, followed by a one-year bullish cycle – which repeats over and over.
If this is true, according to the trader, then the year 2020 will be a bullish year for the coin. However, rather than taking any modest estimation, he stated that he thinks that the price is on its way to $28 per XRP.
Cyclical Time Frames with $XRP.
You guys have seen me post this chart before but now I have added cyclical time frames to paint an even clearer picture.$XRP follows cycles of 6 months to 1 year Bull Cycles followed by 2 year Bear Cycles. 2020 will be the next Bull Cycle. $28 pic.twitter.com/P5ZfAgPfF4
— D.I.Y Investing (@vajolleratzii) December 15, 2019
Despite the XRP community typically being on the same page, there are many Twitter users that seem to be doubtful of this potential. The statements from these users are reasonable, especially considering that the value projected by the original post is nine times the all-time high that XRP has ever experienced.
Another user, who calls himself Sir Gordon Gekko, says that there’s a 2-year Falling Wedge pattern that will soon happen, referring to it as an XRP cannon. These patterns typically reverse, pushing towards the opposite direction of their original trajectory.
— Sir Gordon Gekko 🤴🏻 (@gordongekko369) December 16, 2019
In the meantime, XRP continues to feature some massive transactions. XRPL Monitor, which is a Twitter account that reports on large XRP transactions, published information about a transaction that involved 50 million XRP from one wallet to another wallet. However, according to XRPscan, neither of the wallets have a registered owner.
After the transaction took place, the sender’s wallet showed a 100 million XRP in the balance. The receiver had no balance before the transaction but presently holds 50 million XRP as a result of it.
Transaction Type: Payment
Amount: 50,000,000 XRP
Fee: 45 drops (0.000045 XRP)
Sender Balance: 100,000,095.25741
Receiver Balance: 50,000,094.977455
— XRPL Monitor (@XRPL_Monitor) December 13, 2019
In the comments on this transaction, there are many users that are presently assuming that the transactions are the result of activity by institutional investors.