• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Changelly
  • Price table

Crypto News PRO

From the world all news

  • Home
  • News

Why This Trader Expects XRP’s Price to Triple by 2021

Written by:
Aeon Flux
Published on:
25 August 2020
Thoughts:
No comments yet

XRP has been facing some weakness throughout the past several days and weeks, with buyers being unable to propel it above the key $0.30 region.

Despite this short-term weakness, analysts believe that its mid-term outlook is incredibly bright.

One trader is now noting that he is expecting the cryptocurrency’s price to see a major upswing that allows it to climb by a multiple of 2x or 3x by the end of the year.

He notes that there are a few crucial macro technical developments that support this notion, including its recent reclaiming of its 200-day moving average, as well as a major support-resistance flip.

On-chain data does confirm the notion that upside may be imminent, as XRP’s active address output has remained stable despite its lackluster price action over the past couple of weeks.

XRP Flashes Signs of On-Chain Strength Despite Ongoing Downtrend

XRP is currently facing some intense selling pressure that has come about as a result of Bitcoin’s overnight decline.

At the time of writing, the cryptocurrency is trading down over 3% at its current price of $0.279. This marks a notable plunge from its multi-day highs of over $0.29 that were set just a couple of days ago when bulls attempted to test its resistance at $0.30.

XRP has grown highly correlated to Bitcoin and other major altcoins, which means that it may continue seeing faltering momentum as long as they fail to extend their mid-term uptrends.

Currently, the cryptocurrency is trading at the lowest price levels it has seen since late last week. During this prior decline, it was able to establish the lower-$0.27 region as a strong support level.

Despite its current weakness, on-chain data suggests XRP may be underpinned by fundamental strength.

Analytics platform Santiment explained in a recent tweet that the crypto’s daily active address count remains high.

“In spite of XRP’s -9.2% retrace this past week, the active address output we’re seeing for the #3 market cap crypto asset has remained high. Ripple holders can take solace in it being one of the few alts with a DAA bullish divergences we’ve identified.”

XRP

XRPImage Courtesy of Santiment.

Here’s Why One Analyst Expects the Token to See Parabolic Momentum

One popular crypto analyst explained in a recent tweet that he is anticipating XRP to see parabolic gains in the coming months.

To justify this notion, he points to BTC’s break above its 200-day moving average on both its BTC and USD trading pairs. He also references its ability to reclaim a major support-turned-resistance level.

“Reclaimed 200D MA on both $BTC/USDT pairs. Reclaiming major S/R. You have to be blind to see that bears lost momentum and the pendulum is about to swing the other way. This is optimal entry to me. Not a 10x, but 2-3x eoy,” he stated.

Image Courtesy of Pentoshi. Chart via TradingView.

Whether or not this possibility comes to fruition will likely depend almost entirely on how Bitcoin trends in the months ahead.

Featured image from Unsplash. Charts from TradingView.

Tags: XRPBTCXRPUSDxrpusdt

Categories: Bitcoin, News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

Search in the news

Translate:

Earn up to 5% every 10 days with Aeon Flux Coins

Categories

  • Bitcoin (2,395)
  • Ethereum (1,612)
  • News (4,986)

Recent Posts

  • Exploring the Foundation of the Fantom Blockchain 30 April 2022
  • Interview with Oleg Kotliarov, CEO at Attarius Network 29 April 2022
  • Ragdoll Cat NFT Marketplace is Coming Soon with a New Token 29 April 2022
  • MRHB.Network’s SouqNFT Marketplace Hosts World’s First NFT-based Halal Certifications 29 April 2022
  • The Magnet of Play-to-Earn, And What Could Sink It 29 April 2022

Archives

  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020

© 2015-2020 Crypto News PRO
All Rights Reserved. Powered by IWG Agenzia Web