By Tobi LobaA crypto trader and chart specialist, identified as D.I.Y Investing on Twitter recently predicted $28 for the digital token XRP by 2020, when another bull cycle such as that of 2017/2018 is expected to surface.
XRP, the third-largest cryptocurrency by market capitalization is overseen and distributed by Ripple, the cross-border payment company powered by blockchain technology. Somehow, the community behind the cryptographic project anticipates a huge price turnaround or the repeat of the last bull run.
Ripple’s XRP Could Hit $28 in 2020 Bull Cycle
In what D.I.Y Investing called Cyclical Time Frames, he stressed that XRP historically follows 1-year bull cycles, which is always preceded by 2-year bear cycles.
He then concluded that the next bull cycle is expected next year, which would aid the Ripple’s digital token XRP to attain $28 price level.
He wrote, “Cyclical Time Frames with XRP. You guys have seen me post this chart before but now I have added cyclical time frames to paint an even clearer picture. XRP follows cycles of 6 months to 1 year Bull Cycles followed by 2 year Bear Cycles. 2020 will be the next Bull Cycle. $28.”
Cyclical Time Frames with $XRP.
You guys have seen me post this chart before but now I have added cyclical time frames to paint an even clearer picture.$XRP follows cycles of 6 months to 1 year Bull Cycles followed by 2 year Bear Cycles. 2020 will be the next Bull Cycle. $28 pic.twitter.com/P5ZfAgPfF4
— D.I.Y Investing (@vajolleratzii) December 15, 2019
Recap of XRP Fortunate Price Trend of 2017/2018
The digital currency XRP last tested its all-time high in January 2018, when the market was greatly blossom for the majority of all digital currencies in the market.
Back then, Ripple’s digital token XRP managed a parabolic uptrend that aided its price to break above $3 resistance level, with a record price of $3.4. This particular attainment recorded turned the financial situation of many XRP investors around.
As it is ever expected, this convinced many other potential investors to plunge in with investment interest. Many thought that the price uptrend wouldn’t cease, as it gave little indication of subsequent retracement.
Actually, this huge price increase greatly favored Ripple’s digital token XRP to the extent of subverting Ethereum (ETH) that was occupying 2nd position in terms of market capitalization back then.
However, the joy of the uptrend started to dwindle in January 2018. The desperate bears got hold of the cryptocurrency market as expected, and the price of XRP began to trend down from its all-time high of $3.4.
When the price of the digital token was dipping, many crypto enthusiasts thought it was a slight and needed retracement, believing that XRP will soon regain its surging trend to once again record new all-time high. But all were like a dream that failed to happen.
Ripple’s Initiated Developments to Boost XRP Liquidity
Obviously, the majority of all digital currencies in the market were negatively impacted by the bear market of 2018. This affected Bitcoin greatly. However, Ripple, the blockchain tech that champions the distribution of the digital token XRP kept coming with new development strategies in order to widen the reach of XRP for liquidity.
Ripple clinched tons of partnerships with notable banks and financial institutions, in which some of them agreed to fully use XRP in their daily transactions. All these groundworks are seemingly meant for the price growth independence of XRP that often bow to the sovereignty of the largest digital currency by market capitalization, Bitcoin (BTC).
There are growing expectations in the XRP community concerning the price trend of the digital token. The majority of the XRP community members choses to remain loyal, expecting to experience the repeat of the last bull cycle.
At the moment, most top cryptocurrencies are subjected to the same price condition. At the time of filing this report, XRP is trading at $0.214398, with 1.61% price upsurge in the last 24 hours.