XRP to $4.70?
As a long term investor of a few top 10 coins, and some potential underdogs, none more than XRP have had my interest the past few weeks.
Gambling coins aside, XRP and ripple, are proving themselves as an established, robust project despite various challenges. This alone provides confidence in consumer and investor.
Current technicals
* XRP has followed much of the crypto landscape, with serious money moving out of the space in the last few weeks.
* Approximately 40% has been wiped off the total market cap, with much of the top 10 experiencing similar or slightly higher discounts.
* Last resort levels are holding for all major pairs ( 200MA on D, key psych levels ) which, if broken, will see an extended cold period.
* Xrp Holding no different, holding 200MA on D and key levels. long term investors of these coins will not be shaken out below these levels, this has now been established and leads me to belive we have found the new support of approx $ 0.75USD
* Using an extension strategy, and applying to the current price action, I have plotted potential upside targets. We will focus on -27 and -61.8 for now.
Fundamentals
* XRP has not shown additional weakness comparatively to other coins, in light of current ongoing legal action.
* Several institutions and financial facilities showing interest in adopting the platform for transactions
* Potential IPO coming
* Market dominance has bottomed; and seems to be back on the incline. break of 5% market dominance should see an influx of new interest in the coming months.
* 8% has been chosen as a nominal figure due to the average level of dominance over the last 3 years. this is still a conservative figure if XRP is demonstrated as a widely adopted platform.
So where does this leave us?
Simply assuming we only reach previous ATH market cap; I have used the follwing principle.
We need to remember that the supply of ripple is incredibly large; thus 4 figure targets are all but unsupported.
ATH Market Cap - Approx 2.6T
Current market dominance of XRP - 3.7%
projected market dominance of XRP - 8%
Therefore, if we are only to reach the previous ATH market cap, attained several weeks ago.
@ 8% dominance and a 44B supply; we can expect an approximate price of $4.70 per token.
Why does this make so much sense?
-61.8 target is $4.67, a very close correlation to the above analysis.
As any of the above factors may change, there is a very real possibility to see double this, or never attain the current H for years to come.
However, with all of the above factors considered, I believe 5USD XRP is a very real probability in the next 12 months.
As there no point of reference from previous price action, this is a projected estimate only.
As always, do your own research, only invest what you can afford to lose. Crypto is still unregulated and such can lose as quickly as it gains.
I will update accordingly over the coming months.
Gambling coins aside, XRP and ripple, are proving themselves as an established, robust project despite various challenges. This alone provides confidence in consumer and investor.
Current technicals
* XRP has followed much of the crypto landscape, with serious money moving out of the space in the last few weeks.
* Approximately 40% has been wiped off the total market cap, with much of the top 10 experiencing similar or slightly higher discounts.
* Last resort levels are holding for all major pairs ( 200MA on D, key psych levels ) which, if broken, will see an extended cold period.
* Xrp Holding no different, holding 200MA on D and key levels. long term investors of these coins will not be shaken out below these levels, this has now been established and leads me to belive we have found the new support of approx $ 0.75USD
* Using an extension strategy, and applying to the current price action, I have plotted potential upside targets. We will focus on -27 and -61.8 for now.
Fundamentals
* XRP has not shown additional weakness comparatively to other coins, in light of current ongoing legal action.
* Several institutions and financial facilities showing interest in adopting the platform for transactions
* Potential IPO coming
* Market dominance has bottomed; and seems to be back on the incline. break of 5% market dominance should see an influx of new interest in the coming months.
* 8% has been chosen as a nominal figure due to the average level of dominance over the last 3 years. this is still a conservative figure if XRP is demonstrated as a widely adopted platform.
So where does this leave us?
Simply assuming we only reach previous ATH market cap; I have used the follwing principle.
We need to remember that the supply of ripple is incredibly large; thus 4 figure targets are all but unsupported.
ATH Market Cap - Approx 2.6T
Current market dominance of XRP - 3.7%
projected market dominance of XRP - 8%
Therefore, if we are only to reach the previous ATH market cap, attained several weeks ago.
@ 8% dominance and a 44B supply; we can expect an approximate price of $4.70 per token.
Why does this make so much sense?
-61.8 target is $4.67, a very close correlation to the above analysis.
As any of the above factors may change, there is a very real possibility to see double this, or never attain the current H for years to come.
However, with all of the above factors considered, I believe 5USD XRP is a very real probability in the next 12 months.
As there no point of reference from previous price action, this is a projected estimate only.
As always, do your own research, only invest what you can afford to lose. Crypto is still unregulated and such can lose as quickly as it gains.
I will update accordingly over the coming months.
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