Ripple’s XRP is currently valued at $0.30, and that may not come as a surprise since it has maintained a steady rise and fall in price. Unlike other major crypto assets that have spiked significantly in comparison to their prices at the beginning of the year, XRP has been trading sideways all along. However, Livercoin, a crypto analyst opined that a relief rally is underway before there is another major dump in XRP’s price.
XRP Relief Rally
According to Livercoin, XRP is gearing up for a surge in price in the coming week(s). However, this relief rally will not be sustained since it will be followed by a 60% dump in XRP’s price. The forecasted dump may not be so bad after all because once a swing low has been hit, another extraordinary pump can be expected.
Comments made on Livercoin’s tweet showed the community’s lack of enthusiasm this time around. While an insignificant number of users agreed that it could turn out to be as the crypto trader has stated, others were unmoved by it. The latter could possibly be as a result of predictions of this nature being circulated about XRP without so much professed to leap in price showing up.
Uncertainties as to Where XRP’s Price is Headed
Currently, there are a lot of uncertainties about the price of XRP, the third-largest cryptocurrency by market cap. The virtual asset’s value today can be attributed to Bitcoin’s downtrend within the past few days. The trend has dragged down a good number of coins in the market including XRP’s which once traded as high as $0.49 on June 26, 2019.
Prior to this time, several analysts had stated that XRP could take charge on its own and be priced higher despite the current events in the market. The latter was majorly attributed to the positioning of technical indicators. For instance, CryptHawk, an analyst said on July 22, 2019:
“On the left the whole pattern from the top to the bottom then the Sept fat rally! And now on the right! I’m gonna pull out a McAfee d*ck eating if this does not push really hard soon.”
Events Surrounding Ripple Also Expected to Surge XRP’s Price
In the same vein, news surrounding Ripple such as its partnership with MoneyGram, a money transfer company in a $50 million deal also added more sentiment about XRP’s leap in price. Of recent, rumors also began to circulate that the Bank of America has taken a patent application to use Ripple’s ledger for its transactions.
Nonetheless, Brad Garlinghouse, Ripple’s CEO while in an interview with Bloomberg on July 22, 2019, said Ripple has not made any announcement in that regard. As such, he can neither confirm nor disregard the speculation.