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.
A historical pattern indicates XRP could attempt a strong pullback | Source: Crypto MichaëlHe 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 down,” he tweeted. “This could give a target for $XRP of $0.48, a potential rise of 175% from here.”The post appeared first on NewsBTC
