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XRP Price Set to Reach $0.70 as Crypto Traders Turn Bullish

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Wed, 02/19/2020 - 12:30
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  • Several traders are predicting that Ripple’s XRP has taken a bullish course and is set to head for the $0.70 level

Cover image via www.shutterstock.com
Contents

Despite the recent price surge that Ripple’s XRP underwent breaking above the crucial $0.30 price spot, XRP has been trading below this mark for a few days already, its fluctuations taking the coin from $0.28 to $0.29 and back.

Still, crypto traders are bullish on the prospects that are likely to open for XRP within the short term.

$0.70 on the cards for XRP

Trader @Sawcruhteez has shared a chart with his Twitter followers, in which he says that the XRP price is about to break upwards soon. On the chart, he sets the $0.70 mark as the nearest target for the coming months.

This growth, if it takes place, would constitute a 130-percent increase from $0.30. On the chart, the candles are going green and the XRP price has turned the key horizontal line into support from resistance.

XRP 1
Image via Twitter

‘Just feel like going all in XRP’

A prominent trader @ColdBloodShill told his 17,000 subscribers that he feels like going all-in on XRP and logging back in at some point later on, in the summer.

That smells like a bit of a trolling, though the trader’s sentiment on XRP is clearly bullish – XRP has managed to return to the $0.29 level after the small retracement over the weekend, holding that psychologically important level.

XRP 2
Image via Twitter

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Trader @KingThies believes that now is a good time for new investors to enter XRP, in the $0.26-$0.32 range, as he expects a breakout of the coin’s price later on. He tweets:

“Clear reversal for $XRP, complete with strong volume and breakout + backtest. Both HOLDLers & traders alike will likely be happy with an entry in this current range of $0.26-$0.32.”

XRP 3
Image via Twitter

 

About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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  • A lone whale was able to move the BTC price by more than $400 dollars on the Kraken exchange

Cover image via stock.adobe.com
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The Bitcoin price briefly surged to €6,190 (about $6,800) on Kraken after a lone whale bought more than 1,000 BTC.

At press time, the benchmark cryptocurrency is changing hands at $6,469 on the exchange.  

Kraken
image by reddit.com

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Whales pull all the strings 

While it's tempting to assume that a major whale has decided has reentered the market after BTC's disastrous performance in March, deep-pocketed holders are prone to manipulating prices to make easy money. Hence, traders should be cautious not to appear on the wrong side of another sell-off.    

As reported by U.Today, there was a theory that the massive April 2 pump that kicked off the glorious 2019 rally was orchestrated by one major player who took advantage of low liquidity on numerous exchanges to pump the price. 

Back in June 2019, a savvy Coinbase user sold $213 mln worth of BTC and bought back the whole thing shortly after to earn a whopping $10 mln in practically no time.  

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A $328 mln Bitcoin transaction  

In the meantime, Whale Alert, the service that tracks large transactions across multiple blockchains, has spotted a mammoth-sized Bitcoin transaction that is worth more than $328 mln. 

However, it appears to be an internal transfer, which means that it will not affect BTC's price action. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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