XRP Price Strength Builds
XRP hasn’t done too well in 2019. In the third quarter of this year, the cryptocurrency tanked from $0.40 to $0.25 from the start of July to the end of September. This represents a 35% drop against the U.S. dollar over the course of three months.
Prices have since recovered slightly, with the third-largest cryptocurrency pressing higher to $0.292 as of the time of writing this article. And according to Eric Choe, a trader with over 100,000 followers on Twitter, this trend of recovery may continue. He remarked in a recent Twitter post that if XRP manages to hold above the red resistance box that spans $0.245 and $0.284, he would be inclined to suggest that the cryptocurrency will make a move to $0.45 — some 50% higher than current prices — by the middle of 2020.
If red box can hold, possible $0.45. pic.twitter.com/UqBoNsX7nu
— Eric Choe [Mr. Swing Trade] (@CryptoChoe) November 6, 2019
As reported by Ethereum World News previously, this is far from the only positive technical analysis that is hinting that XRP is ready to bound higher in the coming days.
Just the other day, popular Twitter analyst Crypto Thies noted that there is a “decently large bull divergence on the one-week chart for XRPUSD,” marked by strength in a technical indicator as prices have fallen. The divergence implies that the cryptocurrency may rally higher and gain strength in the coming months.
Then again theres a decently large bull div on the 1wk for #XRPUSD so who knows how long this actually stays true for.
— CryptoThies (@KingThies) November 3, 2019
Also, prominent commodities trader Peter Brandt noted that the altcoin has formed a diamond pattern. While he noted that this has historically marked a “top pattern among traditional markets,” he added that it might work as a bottom in cryptocurrency markets. Indeed, the crypto recently broke above the diamond pattern, leading Brandt to remark that a move to $0.4691 — some 50% higher than the current price point of just under $0.30 — may be inbound in the coming weeks, maybe months.
XRP may also gain some bullish momentum due to the upcoming Swell Conference in Singapore. This event will see leaders in the blockchain and finance worlds convene at an event that is focused on all things Ripple, and thus, many things XRP Ledger.
While the announcements that are going to be made at that event are still under wraps, there may be a series of fundamental developments unveiled at the industry event that provides an increase in the value proposition of the cryptocurrency.