There is an analyst that believes that XRP could eventually hit $28 if the digital currency follows Bitcoin’s upward trend during the next bull run. According to Credible Crypto, a recognized analyst on Twitter, XRP could grow over 100 times from its lowest price close to $0.23.
Could XRP Reach $28?
The crypto analyst started by explaining that Bitcoin made a 22x run back in 2013 when it reached its all-time high at the moment of $1,200. After it, during 2014 and 2015, the digital currency entered a correction period that was followed by almost an entire year of accumulation.
THREAD: In 2013 $BTC made a 22x run to new highs of around $1200 before correcting in the 2014-2015 bear market. That was followed by nearly a year of accumulation and then a massive 122x run that took us to 20k. The bottoming pattern formed in 2014-2015 matches up (CONT.) pic.twitter.com/bBVSBIRNoX
— Credible Crypto (@CredibleCrypto) June 15, 2019
In 2016 and 2017, things changed for Bitcoin. The virtual currency started growing once again, which ended with the most popular crypto reaching $20,000 in December 2017 during the Initial Coin Offering (ICO) craziness.
The analyst went on by saying that the bottoming pattern formed in 2014 and 2015 matches up “extraordinarily well” with the bottoming process that XRP is currently experiencing. He finished the analysis explaining that if XRP ends up following Bitcoin’s bull trend, the digital asset could be traded around $28.
About it, he wrote:
“If XRP follows BTC; its next run could be over 100x its lows of $0.23. With a multiple equivalent to what BTC did on its last run to $20,000, this puts XRP at around $28 which is a very reasonable expectation IMO. Remember – the longer the consolidation, the greater the expansion.”
XRP has bottomed close to $0.25 in September 2018. After this, the price of the digital currency skyrocketed to almost $0.59 after the Swell event and the official launch of the xRapid product by Ripple that uses XRP to source liquidity on demand.
Since that moment, XRP has been traded between $0.29 and $0.45. At the time of writing this article, XRP is the third largest digital currency in the market with a valuation of $18.38 billion. At the same time, the virtual currency has a price of $0.432, as reported by CoinMarketCap. That means that in order to reach $28 per coin, XRP would have to increase 6381% fro the current price levels. XRP’s all-time high was registered in January 2018 when it was traded above $3.
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