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XRP Price to Hit $28 in Next Bull Cycle in 2020: Crypto Trader

Mon, 12/16/2019 - 08:25
Yuri Molchan
While the third largest cryptocurrency is still trading at $0.21, a trader is citing a chart to suggest a somewhat unrealistic XRP price surge to the $28 level next year
Cover image via 123rf.com
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The third largest crypto, XRP, has not been on top form since early 2018 when the price surged to its all-time high in the $3 area.

Still, at some point XRP even managed to grab Ethereum’s second spot on CoinMarketCap briefly. Ripple’s active expansion strategy has not yet made its retail investors happy since the XRP price has been unable to get over $0.3 for a long while already.

However, now traders seem to have found signs on charts that say a new bull run is coming next year.

‘2020 will be the next Bull Cycle. $28’

The trader 'D.Y.I. Investing' has shared some info about cyclical time frames for XRP he has come across. Bearish cycles that happen to XRP take two years, he says, following a 1-year bullish cycle. This means, as per the trader, that the approaching 2020 is going to become bullish for the coin. He expects the price to hit as much as $28.

However, several Twitter users are expressing their doubts in the comment thread. They sound reasonable, considering the fact that the all-time high XRP has reached so far was $3 - light years away from $28 in percent rise.

Image via Twitter

XRP Liquidity Index Surges Past 9 Mln, Leaving Previous All-Time High Behind

Two-year Falling Wedge for XRP

The @gordongekko369 trader points out that a 2-year Falling Wedge pattern is about to form for XRP, calling it an ‘XRP cannon’. Falling Wedge patterns often reverse and head in an opposite direction.

50 mln XRP transferred between unknown wallets

Meanwhile, the @XRPL_Monitor Twitter account that tracks all large XRP transactions has published data about a recent transaction of 50 mln XRP from one wallet to another. As per XRPscan, neither wallet has a registered owner.

The sender’s balance totals 100 mln XRP after the transaction. The receiver's balance had been empty prior to that and now has a total amount of 50 mln XRP on their wallet.

In the comment thread, users assume that these are likely to be institutional investors transacting.

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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