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Ripple’s XRP price is showing all the signs of reaching $0.60 in the near future, as it is supported by different technical and fundamental aspects.
Ripple’s XRP price can hit $ 0.60 in the near future possibly months if it breaks the current strong resistant level at $0.285. This is a huge relief in the larger XRPL community who have seen the coin depreciate in the last year with a sharp downtrend, leaving it trading below a dollar.
Having traded at its lows since late 2018, XRP could enjoy a huge bull rally that could tackle the next hurdle with much ease. If the current market situation prevails, whereby the market capitalization grows by the day, XRP could outperform even Bitcoin in the near future.
Reasons to Believe in Ripple’s XRP
Although privately owned by an American company, Ripple claims to XRP run on a decentralized system, XRPL, this has seen the altcoin grow in popularity among many crypto enthusiasts.
In a recent Twitter poll on altcoins to remain with forever posted by DYORP Podcast host Tom, XRP emerged the winner amongst other altcoins. With a total vote count of 43%, it clearly shows the huge mass behind the altcoin.
— Tom (@TomInvests) February 7, 2020
As announced earlier, Ripple is looking to go public through an IPO later in the course of the year, which will see the user confidence in the product grow steadily. With more people coming to understand the crypto assets, it might be a bit late for most of them to acquire Bitcoin which is currently hovering around $10,000, therefore, making XRP the most preferable altcoin to invest into.
The digital coin has enjoyed a huge market reception basing on the market cap statistics for the last two months which has been growing steadily and currently stands at $11.87 billion.
The most interesting thing to note on XRP currently is the total coin supply in relation to the circulating supply. The total supply is double the circulating supply, which shows most investors are holding the coin in the prospect of future gains.
XRP Technical Chart Analysis
Basing this analysis on XRP/USD which is a major world currency, the coin is doing quite well despite the recent two weeks’ resistance. After closing the last week with a double top, it is an indication of a reversal in the shorter time frame.
However, let this not fool you into entering short trades as on the higher time frame, the bulls are pushing the market ruthlessly. As a crypto holder or trader, it might be wise holding the digital asset basing your decision on the future prosperity which might occur in months or years.
The one thing that most analysts agree on currently is that the market is making higher highs and lower lows which is a great indication of a rising market. Patience, however, is the best virtual to deploy in this game in order to be a profitable investor.
However, at the moment of writing, the coin is trading at $0.27 (-3.57%).