From its peak in February, XRP has dropped nearly 50%, squashed under the pressure of a bear market on a variety of assets. But, according to some analysts, the third largest cryptocurrency by market capitalization is on track to make an impressive comeback.
XRP is preparing for the rally
Analyst Loma recently commented that he is currently outlining a scenario in which XRP is up nearly 30% over the next two months, pointing to a price of $ 0.24 as a potential target.
Loma did not expand why he thought this price action would occur, but his chart indicates that XRP has formed a swing failure pattern at critical support levels, indicating Cryptocurrencies will increase.
01 - $ XRP
Call me crazy but .. pic.twitter.com/qC75Gwna3w
- Loma (@LomahCrypto) April 17, 2020
This comes as soon as other analysts share similar views.
Credible Crypto analyst explain that the recent rally in the cryptocurrency market has allowed the long-term chart of XRP to form a fairly positive sign:
"XRP this week has reclaimed a trend line for years, trying to break out of a downtrend from the ATH level which it has been denied four times but has reclaimed."
It attempts to create this breakout as an indication that the bottom has appeared, and adds that he is very sure of this.
Depends on Bitcoin
Although the chart that Loma provides and the techniques shared by others seems to be building a case of price increases for XRP, the altcoin price action is largely dependent on Bitcoin, as the direction of King Coin is only out the general trend of the cryptocurrency industry.
Fortunately, the Bitcoin outlook is starting to get better, on-chain data is showing this.
Glassnode shared that recently there has been a dramatic increase in the number of new entities everyday on the Bitcoin network.
The seven-day MA of the data, which calculates the number of new users to the BTC network, has increased from a low of 6,000 in mid-March to 17,000 in just recently, up nearly 200% after just a few weeks.
The number of new daily entities has not been so high since April 2019, when protests from a bottom of $ 3,000 and $ 4,000 to a peak of $ 14,000 in late June began.
You can see the price of XRP here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Newsbtc
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