News

XRP Is Expected to Have “Violent Bull Runs” Once it Hits Above $0.70

BARCELONA, Spain – May is going solid for Ripple as analysts predict that it could make a whopping gain of 130%. It is currently trading at $0.64 and is hoping to break the $0.70 resistance level. If you hold or trade XRP, you might want to always be on the lookout for its performance as it holds great promises from the looks of the chart.

To make bullish movements, investors need to keep the momentum. Failing to do so may result in Ripple crashing again. Historically, the XRP has behaved in this manner in the past, forming the so-called W-trend. The W-trend is described as having a high starting point and then falling off to the downside followed by two support level retests. If you will look at it on a chart, it resembles the letter W; hence, the name.

XRP Is Expected to Have “Violent Bull Runs” Once it Hits Above $0.70
A photo of a road with a white up arrow painted on it

This factor is what analysts are looking at when they predict that there might be violent bullish runs in the future. If Ripple manages to break the $0.70 resistance, chances are its price will go higher, which could go towards $0.91 or even $1.

The $0.70 mark has proven itself to be a cruel mark for traders and investors, so if enough pressure will be put on the market, Ripple can even break to $1.35, which constitutes a 110% climb from where it is now – at $0.64.

XRP Is Expected to Have “Violent Bull Runs” Once it Hits Above $0.70
A photo of a person holding a phone showing a calculator and coins in the background

Experts also investigated the 365-day Market Value to Realized Value to arrive at a prediction that the XRP can bounce back higher, just like how it did in the past year.

While short-term holders might have some losses since the value is at -25% on Santiment’s backtests, it is an opportunity zone for long-term holders for more accumulation. If you are going to look at historical data, you can see that it was the same local bottom that set the XRP to price rally at 60% in January this year.

Show More

Gaurav Roy

Gaurav is an expert when it comes to Cryptocurrency, writing for some of the biggest Cryptocurrency websites out there.

Leave a Reply

Your email address will not be published.

Back to top button