{"id":417146,"date":"2020-03-06T10:22:10","date_gmt":"2020-03-06T10:22:10","guid":{"rendered":"https:\/\/ktsl888.com\/?p=417146"},"modified":"2020-03-06T10:22:10","modified_gmt":"2020-03-06T10:22:10","slug":"leading-analyst-thinks-ripples-xrp-could-soon-gain-80-heres-how","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ripple\/leading-analyst-thinks-ripples-xrp-could-soon-gain-80-heres-how\/","title":{"rendered":"Leading Analyst Thinks Ripple’s XRP Could Soon Gain 80%: Here’s How"},"content":{"rendered":"
Over the past few weeks, XRP has performed extremely poorly amid the tumultuous macro environment. BTC is trading around 14% down from its $10,500 high (data from TradingView<\/a>), but the third-largest cryptocurrency, XRP, has lost 30% in the same time period.<\/p>\n Despite this, a prominent cryptocurrency trader \u2014 one that called Bitcoin’s bottom at $6,400, the subsequent reversal to near $11,000, then the retracement to $8,500 \u2014 says that the asset is likely to form a “very significant pattern” that will see it trade at $0.40 in the relatively near future.<\/p>\n Dave the Wave, one of the most accurate traders in the industry over the past few months, recently shared the below chart, showing that the leading cryptocurrency is likely forming a bottoming inverse head and shoulders pattern,<\/a> whose neckline sits at $0.33.<\/p>\n Right now, the asset is in the midst of the right shoulder, which has been supported by the 0.5 Fibonacci Retracement of the $0.17 to $0.34 move. Should the textbook pattern play out in full, Dave the Wave’s chart suggests XRP will trade 80% higher at $0.40 by June.<\/p>\n <\/p>\n The purportedly strong technical outlook has been underscored by a news event that has the potential to boost Bitcoin and its ilk, but especially XRP.<\/p>\n The news event: on Wednesday, India\u2019s top court struck down<\/a> a directive from the Reserve Bank of India<\/a> that banned banks from offering services to those that dabble in cryptocurrency, whether it be Bitcoin or XRP or otherwise.<\/p>\n According to Credible Crypto, a prominent industry commentator and trader, this decision by the Supreme Court to reverse the ban will be especially bullish for XRP. He explained:<\/p>\n \u201cRegulatory clarity was the final piece of the puzzle that was holding Ripple back from going after the Indian remittance market aggressively. Great for XRP.\u201d<\/p><\/blockquote>\nXRP Could See “Very Significant” Bottoming Pattern<\/strong><\/h2>\n
Related Reading: Analyst Explains Why Bitcoin Investors Shouldn\u2019t \u201cPray for a Recession\u201d<\/a><\/h6>\n
Ripple Just Saw An Extremely Positive News Event<\/strong><\/h2>\n