Will Ripple’s XRP Price Echo Amazon’s Stock Rally Pattern?

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XRP hasn’t been the best cryptocurrency when it comes to price performance since the 2019 crash. It has made some gains by virtue of the recent market rally, but it still does not make it spectacular. However, there are differing opinions on how great XRP really is, despite the unsatisfactory price performance.

While some people believe it’s quite trivial as an investment and does not qualify as a major digital asset, some consider it is an excellent investment that is just undervalued. An XRP enthusiast and crypto Youtuber with the moniker of ‘KingSolomon’ is one of those who believe the third-largest cryptocurrency by market cap is worth much more than most people think. 

Recently, Ripple CEO Brad Garlinghouse had set a goal for Ripple to become like Amazon in the next five years. However, comparing it to Amazon, ‘King Solomon’ related XRP to be much more important. He referred to Amazon’s stocks which have a 350x return on investment since 2001, saying though XRP is not a stock, Amazon cannot compare to it as XRP is much more prominent.

This claim seems to be getting some backing as another TradingView analyst says XRP is about to break to the upside. He said this based on the XRP chart pointing to an imminent tight falling wedge breakout for the asset. The chart also shows that XRP is getting off a cup and handle, which means the breakout is likely to continue possibly for weeks.

For those not very familiar with the term, a cup and handle may be an entry pattern for the continuation of an existing bullish pattern. Although this usually means the price will continue to be bullish, some traders may wish to get more confirmation.

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Prominent market pundits have prognosticated that they expect XRP price to obliterate the $1 price level in 2020. They believe this huge price surge is attainable, which would raise XRP’s ROI way above that of major assets.

XRP has been used mainly by Ripple to provide liquidity for facilitating cross-border payment for financial institutions globally. This makes the comparison between the two unreasonable to some people as the two can be complementary rather than competitors.

XRP currently trades at $0.28, close to the critical $0.3 price. If the market plays out as expected, a radical price surge may be on the way in the next few days that will last the next few weeks.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.