Crypto reality check: Could Ripple really surge by 122%?
Crypto analysis suggests that Ripple co-founder, Jed McCaleb, sold more than one billion XRPs between 2014 and 2019. It has become the highest trading volume on Bitso, the largest Mexican crypto exchange. Paired with the Mexican peso (MXN), XRP’s trading volume in the last 24 hours has been $5.42 million, significantly higher than Bitcoin’s $967,098. Is XRP set for a massive surge?
Ripple is an important Altcoin and traders are predicting a sudden surge. While XRP has seen some major developments in recent months is there enough to justify such a drastic price increase?
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Ripple enjoys tailwind
2019 was a year that XRP investors would love to forget. After all, the XRP was one of the worst performers of the past year. Since the turn of the year, the XRP share price has managed to initiate a trend reversal and has recorded a remarkable share price performance.
Over the weekend, the XRP price briefly traded at just under $0.29, a price increase of a good 50% since the turn of the year. No wonder that new optimism is flooding the market and forecasts of $14 per XRP are circulating again within the crypto community.
While some dismiss such predictions as unrealistic, there is no denying that the fundamental advances around Ripple and XRP are making further waves within the community. For example, Asheesh Birla, Ripple’s Senior Vice President of Product Management, gave some insights into the current use of ODL payment corridors.
According to Birla, over $18 million was transferred via the ODL payment corridor USD/MXN alone in the last week of December. The weekly growth in transaction volumes is also rising steadily by 15-20%. XRP was used as a bridge currency for each individual transfer.
Is the XRP heading for an upward rally?
That’s not all and positive news keeps flooding in. According to the technical analysis of Crypto Michaël, as known on Twitter, there are some indications that another stage goal for the XRP course is insight. He published a graph showing that the recent performance of XRP gives hope for further positive price developments of Altcoin.
He also wrote that there is still a lot of room for improvement if the level of just under $0.25 is maintained. In his opinion, a continuation of the upward rally to $0.47 or even $0.60 would be within the realm of possibility. At the current XRP price, this would correspond to a further gain of 74-122%.
Technical indicator calls for caution
However, a glance at the weekly chart has shown us that there is an important indicator that currently suggests that the XRP price might go down at least for the next few weeks. This is the stochastic RSI. Currently, the indicator has spit out exactly this signal again, thus indicating rather a possible sell-signal.
This should make it difficult for the XRP price to stay above the above-mentioned level of $0.25 in the coming weeks. On the other hand, this will certainly depend on the Bitcoin price performance, which still seems to be the key factor for the direction of the Altcoins.
However, if the Bitcoin price does turn into a sustained bull run, the XRP price here signals a worthwhile investment, true to Crypto Michaël’s statement.
(Featured image by Jason Briscoe via Unsplash)
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