XRP’s Next Move Going to be “Explosive,” says Analyst as Ripple Looks to Break Out in 2019
- Q2 was packed with good news but lost its market dominance
- Analyst Magic Poop Cannon: XRP has a real path to over $100
Ripple’s digital currency XRP didn’t have a good start of the year and is still down by 9.74% YTD.
XRP opened January 1st at $0.35 but dropped down to $0.28 at the end of the month. But then it saw a brief rally in mid-February, only to close the quarter trading around $0.30.
Q2 Was Packed With Good News but Lost its Market Dominance
In Q2, XRP got off to a great start just like other cryptocurrencies such as Bitcoin and Ethereum, going to $0.345 in the first few days of April. After having its share of ups and downs, XRP closed Q2 up 29% from where it opened, trading at $0,399 on the last day of trading of the quarter.
During this quarter, Ripple sold $251.51 million XRP, out of which $106.87 million XRP was in institutional direct sales. In Q2 2019, XRP lost about half of its market dominance despite being packed with announcements of partnerships and usage.
We witnessed Spanish bank Santander expanding its Ripple-powered international payments tool One Pay FX to non-customers, Ripple’s global expansion — opening offices in South America in Brazil and Switzerland, and partnership with MoneyGram.
Analyst: XRP has a real path to over $100
In Q3, we already heard of MoneyGram going live on xRapid platform that uses XRP.
MoneyGram announced that they're using XRapid and XRP worldwide! XRP bout to blow!!!#XRPadoption
— MAGIC (@MagicPoopCannon) August 2, 2019
Built for enterprise use, XRP offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments.
An uptrend seems to be on XRP’s way as trader Credible Crypto points how the digital currency has retarced its move from the prior bull run, seen before with BTC prior to its 125x upside.
$XRP has fully retraced its move from the prior bull run. People capitulating left and right, selling their bags at the literal bottom. We've seen this before. It was $BTC, prior to its 125x run from $160 to $20k. Zoom out, and look at the big picture. *Note RSI* pic.twitter.com/FqhNa612yg
— Credible Crypto (@CredibleCrypto) August 3, 2019
According to analyst, Magic Poop Cannon, price-wise “there is a real path to XRP prices well over $100, and even $200.” We just need to watch for a confirmation of support on the bottom of the channel, later this year, he said.
Once, it sees a big bounce there, it will be game over as the third largest cryptocurrency by market cap will “blast into another dimension.”
Magic, who is extremely bullish on XRP says even more important than price is that fact that it is the only cryptocurrency that is working with banks and regulators.
The problem with the way most people view XRPs potential to grow massively, is that they think it can't reach that high of a market cap. They're failing to realize that banks move hundreds of trillions worldwide. If XRP captures a fraction of that, it will be an absolute monster.
— MAGIC (@MagicPoopCannon) August 3, 2019
Currently, XRP/USD is trading at $0.317 with 24 hours gains of 0.86 percent. Magic says, it is “really coiling up right now,” and whichever way XRP breaks, it is going to be “very explosive.”
XRP price has a major multi month rising support at the red line and a break out to the upside, according to him, could send it “rapidly” to $0.50.