Is it the Time to Go Long on XRP?
- The third-largest cryptocurrency is the worst top crypto performer of 2019
- XRP is down 68.4% against BTC YTD which could mean it is in the accumulation phase
- Trader puts next bull cycle target for the digital asset in 2020 at $28
- XRP longs are slowly increasing on Bitfinex while shorts take a big drop
The worst top cryptocurrency performer of 2019, XRP is down 41% YTD. In the BTC market, the situation is even worse, negative 68.4%.
Since hitting the peak at $3.92 in January 2018, XRP dropped to its lowest level last month at $0.208. Even now, it isn’t far off from this number. At the time of writing, XRP has been trading at $0.213, in the red by 1.72% in the past 24 hours, as per Coincodex.
With XRP also down by 95% from its all-time high, could it be the time to go long on the third largest cryptocurrency? A lot of investors do believe so.
XRP/USD longs have started to rise again after the drastic drop from late June when the price was at $0.483.
Meanwhile, XRP/USD shorts have taken a big fall of approximately 65% in less than a month. Shorts were at their peak on Bitfinex in November 2018 when XRP was trading at $0.36.
Longs are the dominating sentiments among the Bitfinex’s XRP traders, with over 87% traders long on XRP/USD while shorts are just over 12%.
The situation might be changing as full-time crypto trader @im_calmly says the weekly chart of the digital asset against BTC suggests it is in the accumulation phase. This according to him is a long opportunity that could provide us with a 50% move up that would put it back above $0.30.
— Calmly | full-time trader (@im_calmly) December 14, 2019
Meanwhile, cryptocurrency trader @vajolleratzii is extremely bullish on the digital asset. According to him, XRP follows a cycle where it experiences about 6 months to 1 year of the bull cycle followed by two years of bear cycles.
As per this, the next bull cycle target for the digital asset in 2020 is $28.
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
Meanwhile, XRP continues to gain attraction. The latest one is from Hugo Cuevas, CEO of Platinum Network and an expert in the money transfer space.
More and more companies are using crypto to settle payments
2019 has been INTERESTING!
Banks and governments are slowly understanding
Hugo Cuevas, Mohr
Dec 2019 pic.twitter.com/eLIkP1WVtV
— Steven Bull From the Diep (@DiepSanh) December 16, 2019
During the LABITCONF 2019 Latin America conference on blockchain and cryptocurrencies that was held in Uruguay on Dec. 12-13, Cuevas talked about how more and more settlements are being done in cryptocurrencies.
Particularly dropping the names of Bitcoin, XRP, and Stellar (XLM), he said while banks are slow in making money transfers, cryptos can do it much transfer and cheaper.