In the digital asset sector, it is impossible to keep up the dominance of Bitcoin. It is a fact that the current market action where the Bitcoin price pumped over 250% since the beginning of this year, actually proved that BTC is a tough competitor to usurp. Altcoins such as XRP has struggled to meet up but have failed.
However, there’s still hope for the remaining altcoins as many crypto analysts and enthusiasts alike have collectively claimed that Bitcoin’s market dominance would decline after some time.
They believe that this would give other altcoins a window of opportunity to do better. However, the much-awaited window of opportunity may not last for a long time. Does this mean and XRP/altcoin breakout is coming soon? How soon and what does this mean for XRP price prediction 2019?
XRP (XRP) Price Today – XRP / USD
XRP Price Prediction 2019: Comparing Bitcoin’s Performance From 2012-2015 to Altcoins From 2017-2019
Recently, many experts have had a lot to say about the process of giving chart analysis for digital assets which indicates the patterns and future price action in the financial market. Many of the traders along with investors usually pick up cues from the trend analysis in a bid to conduct or initiate profitable investments.
It is also a well-known fact that patterns in crypto chart analysis typically recur and the recurring trends are then compared to the trends from the past to derive the possibilities or predict the cause of the market.
In one recent study, the Bitcoin price action during 2012 through the 2015 trade years was highlighted. In the end, it was observed that one pattern depicted that the BTC price in the 2013 trade year had materialized to perform as a support when the coin underwent a price accumulation in the middle of 2015.
XRP Price Prediction 2019: XRP and other Altcoins Would Soon Enter a Large Accumulation Period
Also, there has been major price corrections and the price movement of the entire market remained minor. At least until the beginning of 2016.
Hence, going by this same thought, the above-mentioned chart for the altcoin market capitalization was drawn in comparison. When it is observed carefully, it can be observed that a similar price pattern was beginning to form in the current scenario. This had surfaced during the 2017 Bitcoin Bull Run.
The same chart pattern of “Key consolidation acting as a support area” recurs in the present altcoin charts as well. Using the Bitcoin price activity from the 2012 through 2015 chart analysis as a reference point, it is possible to speculate that the Altcoins would likely move into a large accumulation period.
XRP and Altcoin Prices to Surge Massively After Accumulation
The above analysis suggests that following the accumulation, the digital asset prices would surge massively from the middle of the year 2020.
However, Peter Brandt, one old-school trader, claimed that it wasn’t necessarily ideal to draw such kinds of conclusions for crypto chart analysis. As of press time, the majority of the altcoins in the crypto sector were plummeting in valuation. This has been the case after the entire market witnessed some form of minor growth in the week.
Going by the above highlights it is safe to say that the much-anticipated altcoin Bull Run is closer rather than if all parameters stay in play. For now, it is all pure speculation.