By
Chimamanda U. Martha
April 18th, 2024
XRP price is on the rise of 1.74% and is above the key $0.4250 support area. The price is currently facing a strong resistance near $0.4400 and $0.4420 levels, but a popular trader is sure: XRP will rise 50x in its next bull run.
Twitter has always been a place for inspiration but also the place for good advice for investing in crypto. One of the members of Crypto Twitter community, Credible Crypto, predicted that Ripple‘s coin XRP is at the beginning on its way to rise by over 50x in its next bull cycle.
It has some sense if we look at the similarities between the accumulation periods of XRP and leading cryptocurrency Bitcoin. Credible Crypto notes that Bitcoin went through almost a year of accumulation after the 2014 – 2015 crypto winter. It was then followed by a pretty much drowning 122x markup that sent the market to $20,000.
When we look at the XRP chart, during the last week, the midterm trend was pretty much stalling. The price is still trading sideways and wide, between the support at $0.3575, and the resistance at 0.437 that was at the time of writing. Its moving average convergence divergence (MACD), a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price, converged and formed a golden cross that indicates the potential for a major rally. A new quick uptrend is now born, with the target at the current resistance of $0.4790.
Credible Crypto added that Ripple is currently carving a bottom that matches bitcoin’s accumulation period prior to the 2017 bull run. The trader explained that the previous cycle sent the cryptocurrency known as “The Standard” plunging to lows of $0.15. This is a 23x plummet from a high of $3.50. According to the pseudonymous account, even the drop resembles bitcoin’s 2013 – 2014 downtrend where the market slid from a high of $1,150 to a low of $57 for a 20x drop.
So far so good. Lots were expecting a massive pump here on the moneygram news and seem to think the fact we didn't get it is bearish. Rather, we have been expecting further consolidation for some time now. Trade the charts, not the news. $XRP pic.twitter.com/XKkZUGp4Vb
— CrediBULL Crypto (@CredibleCrypto) June 18, 2019
Let’s not forget the fact that Ripple recently partnered with MoneyGram, the major Western Union competitor. This partnership will have an initial term of two years, and it will enable Ripple to become MoneyGram’s key partner for cross-border payment and foreign exchange settlement using digital assets. Ripple has agreed to a capital commitment, which enables MoneyGram to draw up to $50 million in exchange for equity over a two-year period. Ripple’s CEO Brad Garlinhouse said that this will eliminate the need to deploy foreign bank accounts.
Predictions are that XRP is likely to surge further if its price remains above the $0.42 price mark. However, it will face resistance at the price levels of $0.4417 and $0.4676. If XRP dips below $0.42, it may see further price decline, where it will see major support levels at $0.4041 and $0.393.