XRP was one of last year’s worst performing altcoins due to a strong bear trend. However, this 680-day bear trend is broken. Analysts, who say that breaking is impressive, meet the idea that bad days are over.
A few altcoins also suffered as badly as XRP. After a drop of more than 90 percent from the all-time high prices, the cryptocurrency has been stuck in a long and difficult downtrend. In the light of hope and recovery, altcoin price continued to decline due to bear investors and Ripple executives selling large amounts of tokens.
XRP experienced a serious decline
The cryptocurrency has experienced a serious drop from $ 3.50 to $ 0.17. Nevertheless, this low-level XRP gained 93 percent in total with the support of bull investors. Whether this will continue or not has become an intriguing topic among the XRP community.
Can Reach the Highest of All Time
According to analysts, breaking the 680-day bear trend may increase the prices of XRP higher. According to analyst Josh Olszewicz on Twitter, XRP is about to exceed the 200-day EMA pointing to the bull run. The cryptocurrency, which ranks third by market value, is also above the indicator’s “Kumo” in the Ichimoku indicator, an indicator designed to understand that an asset is standing on solid foundations.
mrkt so bull rn even $XRP starting to turn up
– kumo breakout
– 200-day EMA breach
– will invalidate nearly 700 day bear PF soon pic.twitter.com/uZWSlHv0f0
— Josh Olszewicz (@CarpeNoctom) February 6, 2020
Will it rise to $ 14?
Investors have serious hopes for XRP’s price rise. However, historical data show that XRP could rise up to 6 percent in the coming months and could reach up to $ 14 if a similar move takes place.
XRP has been one of the worst performing crypto assets since it saw $ 3.5. However, these troubles may soon reverse and Ripple can recover most of the value it has lost in a very short time if the asset behaves as it was in the past.
Another breach in XRP could cause the asset price to skyrocket. However, at this point, with the introduction of excessive FOMO, the prices of XRP can be moved further.