Things look bearish for the crypto big boys including one of the most valuable cryptocurrencies by market value – Ripple’s XRP. Nonetheless, crypto pundits out there are calling it right now that the said digital asset could be making a rally during this cycle.
If the analyst Credible Crypto’s recent tweet is anything to go by, he believes that such an event would likely to happen. In response to a fellow analyst’s post (HBAR Hippo) who stated that he’s “equally bearish on $XRP,” Credible highlighted how the digital currency pulled off from being one of the “worst-performing majors in 2017 until it wasn’t.”
In the same tweet, he also stated that in about a month following Bitcoin’s (BTC) peak, XRP had managed to surge tenfold that eventually brought in a total gain for its cycle of about 62,947 percent. Now that’s a lot. He capped off his tweet advising the other crypto analyst to not count out XRP just because it had a sluggish start.
In line with this, a few days back, Credible Crypto also made a forecast that the said digital asset’s price could pretty much bottom out against big daddy Bitcoin. He pointed out, however, that he sees a reversal to this explaining that XRP is “on major historical support” when pitted against the U.S. greenback. This too was tweeted by the crypto expert alongside a chart showing what he meant by it. When asked if he’s still holding on to his $20-$30 XRP price bet before the current cycle ends, he responded on a positive note.
Peter Brandt seeing differently
Long-time trader and “Factor Report” author Peter Brandt, on the other hand, believes otherwise. In his tweet about a week ago, he too showed a chart featuring his XRP-BTC analysis where he explained that it’s forming a so-called head and shoulders top pattern and went on to state that “completion of same would set target at all-time-lows.”
$704 million worth of XRP
Still on XRP, the cryptocurrency transaction tracker – Whale Alert also tweeted that one billion XRP was unlocked from Ripple’s escrow wallet. This is equivalent to $704 million and it was done in two tranches.
Further, it was mentioned that Ripple had earlier set up a game plan to roll out a billion XRPs on a monthly basis. Doing so would fund Ripple’s business operations and invest in businesses of interest. The remainder of it was kept back in escrow. Such action by the company implies more liquidity within the Ripple network since there will be more cryptocurrency traders out there that will eventually gain access to those digital assets.
Ripple’s XRP has been known for its functionality in terms of payment with a platform that offers an open-source principle, not to mention that it is devised to allow fast and more affordable transactions.
As of writing, XRP’s price sits at $0.66 which down by nearly 30 percent over the past month. Delving deeper, however, in its price patterns reveals that the cryptocurrency could be looking at an uphill battle breaking the resistance level that is set at $0.70. However, bullish feels might assist XRP builds stretch to $0.72.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.