As AZCoin News reported, Bitcoin price has finally surpassed the $ 9,000 resistance level in the past week and is trading at $ 9,589 at press time. At the same time, XRP price has begun testing the price of $ 0.28, attempting to overcome this resistance.
XRP price upside potential is very high
XRP’s $ 0.28 level is the most important. This is the weekly resistance that has held back the recovery of XRP over the past few months and has acted as a significant support area throughout 2018 and early 2019.
The daily chart of XRP doesn’t change direction, but the Relative Strength Index (RSI) has changed – a sign of price momentum.
$XRP USD Pair
Currently testing the .28 Cent weekly resistance
Like I mentioned before, this is, imo, the most important level for XRPUSD
Daily not diverging yet, very bullish.
Weekly now will tell us if it’s simply a macro bearish retest or if $XRP is ready for a larger move pic.twitter.com/FVMrKztyuN
— TraderSmokey (@SmokeyXBT) February 5, 2020
The XRP price in early 2020 was very reminiscent of Bitcoin Cash and Bitcoin SV before their latest breakthroughs. Like Bitcoin forks before the gains, XRP prices are consolidating below a range-balanced price. The break and balance of the range earlier this week drove the price of XRP up sharply to $ 0.150 and is likely to go further.
This Altcoin has recently passed the downtrend for many years, marking a significant victory for XRP speculators. The recovery of XRP now depends on Bitcoin – if the leading cryptocurrency cannot break higher, so does XRP.
Source: Coin Metrics
In other happenings, XRP activity addresses recorded a massive increase of 178.2% for the week, followed by 15.4% for Litecoin. XRP transfers also saw a 32.6% increase, with Bitcoin cash recording a 13.8% increase.
Disagreements revolve around the development of XRP
As AZCoin News reported, Mike Novogratz, CEO of crypto investment firm Galaxy Digital, said that XRP performance this year will be similar to 2019. XRP price had dropped from $ 0.3529 in January 2019. to $ 0.11912 by the end of 2019, down 45%. In the same time frame, Bitcoin (BTC) rose from $ 3,782 to $ 7,172, up 89%.
Novogratz blamed XRP’s supply for its lackluster price action last year.
He said:
“Last year, XRP was underperforming. I think it will perform worse again this year and that’s just due to supply. When I buy a stock if I know someone who sells XRP. worth $ 10 billion at a specific price, that makes me no longer interested in buying that stock.”
The total supply of XRP is about 100 billion, compared to the total supply of 21 million BTC of Bitcoin. XRP has outperformed Bitcoin and the cryptocurrency market by 2020. XRP has grown by 44% compared to Bitcoin’s 33% increase ($ 7,100 to $ 9,500) so far.
Ripple’s monthly XRP sales are still a hot issue. Ripple has significantly slowed its sale of stakes in the past two quarters. In the fourth quarter of 2019, the company sold $ 13.08 million of XRP to non-store-bought third parties and sold XRP with zero on cryptocurrency exchanges.
Despite kerfuffle, Ripple is Galaxy Digital’s most significant investment. The company has invested a total of $ 23.8 million in San Francisco startups, a prediction for the future of XRP by 2020 is frantic through cryptocurrencies.
Read more:
- Ripple Partnership With Intermex To Enable Faster Cross-Border Payments Between the United States And Mexico
- XRP Price Increased By Nearly 8% To Over $ 0.27 – Can This Price Be Maintained In The Long Term?