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It is expected that in the next 2 months, XRP price may increase by 30%. Today XRP is trading at $0.19, having lost 1.80% within 24 hours.
According to the report from the crypto analysts, Ripple‘s XRP, the third-largest crypto, is set to rise 30% and mount an impressive comeback. This is after the crypto’s price plunged around 50% in February, falling from its peak alongside other crypto coins.
Analyst LomahCrypto revealed via a Twitter post that he is currently charting a scenario in which Ripple’s XRP may jump by nearly 30% in the coming two months, pointing to the $0.24 price point as a potential target.
01 – $XRP
Call me crazy but.. pic.twitter.com/qC75Gwna3w
— Loma (@LomahCrypto) April 17, 2020
Lomah, in his analysis, did not explain why this price action will transpire, but his chart shows that XRP printed a swing failure pattern at a key level of support, boding well for the cryptocurrency moving forward.
In the same light, Credible Crypto explains that the recent rally in the crypto market has enabled XRP’S long term chart to print a positive sign.
The third-largest crypto reclaimed a multi-year trendline recently, recovering from a downtrend after hitting its all-time high and dropped four times. According to Credible Crypto, XRP is managing to make the breakout, saying it is a sign that the bottom is in.
Ripple’s XRP Fate Tied to Bitcoin Performance
With the fact that Lomah, alongside other analysts predicting a bullish run for Ripple’s XRP, the price of the crypto remains tied to the fate of Bitcoin as the crypto king’s directionality dictates the overall trend of the crypto industry.
Fortunately, the crypto king is also about to begin its bull run. Crypto analytics provider Glassnode shared this week that there’s recently been a rise in the number for “daily new entities on the Bitcoin network.”
The metrics seven days moving average responsible for calculating how much people access the BTC network reports that the numbers have soared from 6,000 in mid-March to 17,000 recently amounting to a 200% rise in a few weeks.
Reportedly, the amount of daily new entities has not been so much since April last year as the rally from the $3,000s and $4,000s bottom to the $14,000 peak by late June.
Glassnode also said further that more people traders are pulling their coins off exchanges corroborating a trend of an increase in the popularity of the “HODL” strategy as the halving nears. All things being equal, this action should affect supply-demand dynamics to favor bulls.