From the peak hit last February, XRP has plunged nearly 50 percent, hurt by the severe pressures that weighed on the crypto market in general.
Several crypto analysts, however, expected the coin to be on the verge of an impressive comeback.
Analyst LomahCrypto said he is currently drawing a scenario in which the cryptocurrency would rise by by almost 30 percent over the next two months, indicating that the $0.24 level would be a long-term possible target.
For his part, Credible Crypto, digital asset analyst, said the recent rally of the crypto market has allowed XRP’s chart to show a positive sign on the long run.
He added that the cryptocurrency managed to restore a multi-year trendline this week, bouncing off a downward trend from the highest level XPR rejected four times.
Credible confirmed that XRP managed to make this breakout, which is a sign that the “bottom is in,” expecting the coin to rally in the coming months.
All eyes on Bitcoin
Despite the bullish outlook printed by such analysts, the altcoin’s price is largely dependent on that of Bitcoin. This is because the market leader can identify the overall market trend.
Glassnode, a provider of crypto analytics, stated that this week witnessed an increase in the number of new entities on the Bitcoin network.
The metric’s seven-day moving average, which measures the number of new users investing in the king coin, has soared by 200 percent from the 6,000 low hit in mid-March to reach 17,000 recently.
However, the BTC sees harsh criticism from some crypto enthusiasts such as Charles Hoskinson, CEO of IOHK, who expected Cardano to be the best cryptocurrency, outperforming Ethereum (ETH) and Bitcoin (BTC).
Bitcoin skeptic Peter Schiff expects gold to hit the moon and Bitcoin (BTC) to crash back to earth.
It seems that Schiff insists on provoking the crypto community with his severe criticism to Bitcoin.
At the time of writing the story, BTC has declined 1.66 percent to $7,107.26.