The slight recovery the entire cryptocurrency market displayed following a huge fall in March looks to have muted critics who claim the assets class is not worthy of an investment.
Meanwhile, the stability displayed by Bitcoin above $7,000 value has also called for another cheer up in the crypto community has analysts perceive imminent bull run, more important after the upcoming halving.
XRP, the third-largest cryptocurrency by market cap, has been a bit promising after the recovery though the fall in March dealt a big blow on the value of the crypto asset. Since the dip, XRP has made a significant recovery even more than Bitcoin.
After observing the present trend of XRP in the market, a cryptocurrency trader on TrandingView by name MarketMinds predicted that after the upcoming halving in May, XRP would skyrocket by more than 1,400%.
MarketMinds in his analysis claimed that XRP is in its accumulation stage. The trader revealed that the tremendous volume displayed by XRP in the last few weeks has been quite impressive, signaling the possibility of the bull run for the remittance-oriented cryptocurrency.
He averred that the large volumes translate to a positive trend for cryptocurrency. Citing Wyckoff’s theory, MarketMinds revealed that the huge volume would result in a reversion over long periods of time.
Chartist MerketMinds, in the graphical illustration, analyzed that XRP has been in an accumulation phase since December, and it would likely last till the halving period before a massive spike would be witnessed.
The crypto trader revealed that the bull run would make XRP rise by about 1,400%, taking the price of the virtual currency to around $3.
He further noted that the same thing happened between November 2017 and January 2018.
XRP Preparing for 30% Surge in Two Months
Another analyst who seems quite optimistic about the trend of XRP posited that the native token of Ripple is preparing for a significant surge.
Analysts Loma on Twitter captioned that XRP has the potential of reaching a $0.24 price target in the next two months.
Although Loma did not give an analytical expression of how and why he thinks the cryptocurrency would spike by 30%, he indicated in the chart that XRP has just displayed a swing failure pattern at a key level of support, and it would likely translate into a positive trend.