- XRP price is down by 50 percent over the past 12 months
- XRP shows signs of bullish reversal
- The price of XRP could surge by 175 percent in the coming months – Analyst Michael Van De Poppe
XRP News Today – Ripple’s XRP has had pretty poor performance over the past couple of months. The digital currency has performed poorly against Bitcoin (BTC) and the US dollar. Over the past 12 months, the price of XRP is down by about 50 percent, underperforming Bitcoin by a huge margin. Irrespective of this, analysts are beginning to believe that XRP is showing signs of a bullish reversal and correction higher.
XRP Is Showing Signs of a Bullish Reversal
Recently, trader CryptoWolf pointed out that XRP is showing signs that it is in the midst of a huge falling wedge, which was formed several months ago. For those who do not know, a falling wedge is a bullish chart pattern marked by tightening and falling prices, then a strong upwards breakout that helps the coin to regain some of the losses it incurred when trading in the wedge.
XRP (XRP) Price Today – XRP / USD
The crypto trader said that a possible outcome for the digital currency, considering this falling wedge, would be for XRP to start to build breakout momentum heading into next year. He said that the price of the digital currency could potentially surge by 60 percent back to the 30 cents level by the middle of next year.
Correcting in a massive Falling Wedge.
Possible outcome. pic.twitter.com/5XB76Rul03
— CryptoWolf (@IamCryptoWolf) December 28, 2019
XRP Price Could Surge by 175 Percent in the Coming Months
CryptoWolf is not the only one who believes that the price of XRP could surge enormously in the near term. A trader at Amsterdam Stock Exchange and contributor to Cointelegraph – Michael Van De Poppe – recently said that he believes that the price of XRP may be on the verge of recording 175 percent gains in the coming months.
In a tweet, he posted a chart and noted that he believes that the current price of the digital currency is very similar to the bottoming pattern seen in Dec 2015 and Jan. 2016, which was accompanied by an enormous spike in pre-crash levels. He added that if the current trend follows the trend of the previous cycle, which means that XRP needs to hold the 14 cents to 17 cents levels, XRP price could surge to as high as 47 cents by the middle of 2020, which is an increase of about 175 percent from its current level.
However, some are skeptical of this optimism. A former Wall Street analyst who turned to BTC year ago – Tone Vays – recently said that he thinks the “Ripple token itself has absolutely no place. It is just security of the Ripple Inc. Everything about XRP is bad.”