The most historical bull market commenced in 2017 and lasted until early 2018, and positively impacted the prices of virtually all digital currencies in the market. It also took the price of Ripple’s digital token XRP to record its all-time high.
However, since the bear market sets in, the third-largest cryptocurrency by market capitalization has been priced closer to its all-time high.
Despite the difficult challenges for XRP, a crypto analyst and trader identified on Twitter as ‘D.I.Y Investing’ has shared the possibility of XRP attaining $28 in the bull cycle of 2020. He inferred his point from the chart he referred to as Cyclical Time Frames.
According to the analyst, the digital token XRP periodically follows cycles of 6 months to 1-year bull cycles, and laces it with 2 years bear cycles. This historical inferences made him to draw his conclusion that XRP could hit $28 in the next bull cycle.
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
Impact of January 2018 Bull Run on XRP
The historical bull run of 2017/2018 took XRP to attain its record price high of $3.4. Since the preceding downtrend, XRP has not retested $1 let alone surging closer to its record high.
Howbeit, this does not barricade the stern believe of some crypto analysts and the teeming XRP enthusiasts, in the future of the digital currency.
Many believe that the notable attainment of XRP in terms of price is an indication that the digital token surging momentum in any bull market cannot be underestimated.
At a point this year, the price of XRP attained $0.5 and was heading towards breaking above $0.6 before the surging trend was jeopardized by the bears.
Ripple’s Impact on XRP Growth and Development
Ripple, the blockchain tech and the major overseer of XRP distribution has somewhat been walking mutually with the cryptographic project, having the notion of seeing the daily growth and development of the digital token XRP.
A number of major partnerships have been sealed. Some of those collaborations contain the clause of the full use of XRP, while some other Ripple’s partners willingly leverage the its blockchain solutions to solve cross-border remittance problems due to their cheaper transaction fees and the speed of delivery.
All these seemingly came to play in order to open XRP to constant usage, which is expected to greatly impact the liquidity of the digital token, with subsequent and steady price growth.
At the time of filing this report, XRP is trading at $0.213967, with 2.46% price decrease in the last 24 hours. Can the price of XRP trend as positively predicted and analyzed? Time will do justice.
