The year 2019 has not been a happy year for XRP in which it recorded a plunge of 47%. Despite a downtrend hitting cryptocurrencies lately due to strong sell-off, Bitcoin has seen strong gains in 2019 with 90% price surge, and Ethereum hitting triple digits reaching a high of slightly under $140.
However, analysts believe that XRP is showing signs of bullish reversal and correction up. Crypto Michaël, a known cryptocurrency on twitter, predicted that XRP-to-dollar exchange would see a %175 rebound. Michaël compared XRP performance with performance form previous years and notes a similar pattern in Q4/2015 and Q4/2016.
“Massive downtrends ready to be broken down, this could give a target for $XRP of $0.48, a potential rise of 175% from here.”
He is not the only one to show positive attitude towards XRP upcoming period. Trader CryptoWolf recently remarked that XRP is showing signs that it is in the midst of a massive falling wedge, which was formed months and months ago.
He projects an increase of up to 60% in 2020, with an upward momentum extending until mid-next year.
It’s worth noting that experts look at XRP with bullish eyes. According to Mati Greenspan, the former senior analyst at financial asset exchange eToro and current founder of Quantum Economics, XRP is providing good technology, backed by a strong team at Ripple.
He adds, “Probably the only crypto project regularly closing deals with financial institutions.”