XRP Following Bitcoin Bottoming Pattern, Analyst Calls a “Very Reasonable Expectation” of $28
- The next bull run peak would put XRP’s $3.84 peak to shame
- “The longer the consolidation, the greater the expansion”
The third largest cryptocurrency by market capitalization is still only up 18 percent till date in 2019, the least percentage of gains recorded by a top cryptocurrency except for Stellar.
Despite the market being currently all green as Bitcoin surges past $9,300, 12-months high driving altcoins up as well, XRP hasn’t moved by much.
The highest level, XRP/USD recorded is $0.424 which is still down from June 7th’s $0.431. Currently, it is trading at $0.415 with 24 hours gains of 2.97 percent while managing the daily trading volume of $192 million, per Messari’s Real 10, 24 hours volume.
Experts have been expecting a good surge in XRP prices, however, a drop was also a likely possibility before the cryptocurrency has the only way to be up. And the cryptocurrency choose to go in the downward direction.
Now, looks like we might get to see this uptrend which would put $3.84, the all-time high from last bull cycle to shame.
Get ready for Over 100x Surge in XRP Price
Crypto trader and investor, Credible Crypto in his latest analysis explains how the bottom pattern formed by Bitcoin in 2014-2015 matches up “extraordinarily well” with the bottoming process XRP is registering this time.
In 2013, Bitcoin made a 22x jump to climb to new highs around $1,200 before correcting in the 2014-2015 bear market. This move was followed by a year of accumulation period and then a massive bull run that took the flagship cryptocurrency up 122x to the $20,000 peak in 2017.
With XRP as well, the trader explains, just like Bitcoin’s 2014-2015, we are seeing a rounded bottom following with a nearly a year of consolidation.
In the previous bull run, XRP surged 23x from its lows and this time if XRP follows Bitcoin, the next bull run of the cryptocurrency could see more than 100x returns from its lows of $0.23.
“With a multiple equivalent to what BTC did on its last run to 20k, this puts XRP at around $28 which is a very reasonable expectation imo.”
However, a price like such would put XRP’s market capitalization at $1.5 trillion which doesn’t seem plausible but as he puts it, this “won't happen overnight.”
“The longer the consolidation, the greater the expansion,” Credible Crypto said.