The altcoin news and rumors lately showed that Ripple (XRP) haven’t done too well in 2019. With Bitcoin (BTC) being up over 90% and starting the year in the $3,000 region, now it is trading at $7,200 which is a good movement year-on-year. According to a top analyst, XRP is one of the altcoins which bottommed and will burst higher.
Still, a number of leading cryptocurrencies have actually posted losses on the year. What’s interesting is the fact that nearly all asset classes from precious metals to equities have posted record gains in 2019.
One of the bad actors and losers was Ethereum (ETH) – it managed to lose 18% and XRP has collapsed by 47%, according to the Bitcoin educator Jimmy Song. As he shared on Twitter, Bitcoin was a gainer while ETH and XRP lost a lot.
Aside from the trend now, a number of analysts have claimed that altcoins are on the verge of breaking higher.
Tis the season to feast on the tears of shitcoiners.
YTD:
BTC +82%
ETH -18%
XRP -47%— Jimmy Song (송재준) (@jimmysong) December 28, 2019
Dave the Wave is one of them – and a top analyst who months ago called the decline to the $6,000s in the price of Bitcoin. He now posted a new chart on Twitter, showing that the XRP/USD pair is showing signs of bottomming.
Depicted in the chart is XRP and its full price history, with the price action over the last two years being what is notable now. The analyst noted that XRP is in a clear falling wedge pattern which is situated in a larger descending triangle.
The implication of the chart is that XRP is on the verge of breaking out of the aforementioned triangles in a violent move in the upward direction. The Ripple news now are as such described by the top analyst, who took it to Twitter in a series of posts.
— dave the wave (@davthewave) December 30, 2019
However, it is not only Dave who observed positive signs which appeared on the XRP/USD chart. Another top analyst named Michael van de Poppe (a trader on the Amsterdam Stock Exchange) recently suggested that the cryptocurrency is poised to break higher by 175% in 2020.
Broke down of this range for the first time in a year, similar to the period in December 2015.
Still expecting that period to be synonym for the current market.
Area around $0.14-0.17 is must hold zone. https://t.co/t0ZtitgrQx
— Crypto Michaël (@CryptoMichNL) December 27, 2019
Unlike Dave, however, van de Poppe ignored the technicals and looked to price action in search of fractals – or repeating patterns – on the charts. He said that XRP’s price action over the past few months is eerily reminiscent of a bottoming pattern.
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