XRP didn’t have the best of years in 2019. In a year when effectively all assets posted jaw-dropping gains — Bitcoin gained 95%, the S&P 500 rallied by over 30%, gold posted an approximate 20% gain — the third-largest cryptocurrency plunged 50%. In fact, all altcoins performed really poorly,
Despite this, analysts are certain that the digital asset will soon begin to gain a lot of strength.
XRP is Preparing to Surge Dramatically Higher, Analysts Say
In a recent TradingView post, popular analyst TradingShot noted that XRP is seemingly poised to explode higher, pointing to a confluence of bullish technical factors to back such sentiment:
- The logarithmic Moving Average Convergence Divergence (MACD) on the weekly chart just printed a bullish crossover.
- The 50-week and 100-week simple moving averages are preparing to form a bullish cross in the coming months.
- The “0.786 Fibonacci retracement (from the bottom of the High Volatility zone) was achieved.”
Analyst Michael Van De Poppe, a contributor to CoinTelegraph and a trader at the Amsterdam Stock Exchange, recently remarked that he believes XRP may be on the verge of posting 175% gains in the coming months.
The analyst posted the chart seen below, in which he notes that he believes XRP’s current price action is very similar to the bottoming pattern seen in December of 2015 and January of 2016, which was followed by a massive spike to pre-crash levels. He added that massive downtrends on altcoin charts are on the verge of being “broken down,” setting the stage for strong reversals to the upside.
He said should the current trend play out as it did in the previous cycle, meaning XRP will need to hold the $0.14-$0.17 range, it could surge as high as $0.473 — 100% higher than current prices — by the middle of 2020.
Crypto Needs to Close Above Key Level
While there is this evidence, CryptoDude recently said on Twitter that it is “difficult for me to be bullish on Ripple right now.”
Backing his assertion, he looked to a chart of XRP against the U.S. dollar on a monthly basis. The trader depicted that despite the recent 35% surge off local bottoms, prices not seen in years, the cryptocurrency remains decisively below a key resistance that has been absolutely essential for the asset’s past two to three years of price history.
$XRP Difficult for me to be bullish on Ripple right now. pic.twitter.com/pXmfZbOtyp
— CryptoDude (@cryptodude999) January 21, 2020
What’s more, it was actually rejected at the resistance level, suggesting the macro bear trend for XRP remains intact.
Photo by Sean Martin on Unsplash
