RATE Group | XRP Eyeing a 175% Bullish Rebound, Claims Top Analyst
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XRP Eyeing a 175% Bullish Rebound, Claims Top Analyst

01 Jan XRP Eyeing a 175% Bullish Rebound, Claims Top Analyst

Posted at 19:02h in Cryptocurrency News by

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Ripple’s controversial native token XRP closed 2019 at a substantial loss, but according to a prominent analyst, the cryptocurrency is ready to break the bearish jinx in 2020.

Crypto Michaël, a popular cryptocurrency analyst on Twitter, spoke about this on Wednesday, saying that the XRP-to-dollar exchange could undergo a massive trend reversal this year. The top crypto trader predicted a 175 percent rebound for the pair after taking cues from its historical trading data, as shown in the chart below.

ripple, xrp, cryptocurrency

A historical pattern indicates XRP could attempt a strong pullback | Source: Crypto Michaël

He pitted XRP’s current price action against a similar bout of trading seen between Q4/2015 and Q4/2016. Back then, the coin had undergone a deep downside correction, with its price dipping from $0.025 to $0.0041 in a 12 month period. Crypto Michaël also noted that XRP posted a similarly bearish move in 2019, now ranging in a potential reversal area.

“Massive downtrends ready to be broken…

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