XRP hasn’t done too hot over the past few months, both in terms of its performance against the U.S. dollar and against Bitcoin.
Unfortunately, some expect the altcoin’s prospects to get worse.
Prominent cryptocurrency trader Bagsy recently remarked that he expects the cryptocurrency’s price to draw down by 35% to $0.12 over the coming months, noting that this is where there is historical support on the charts.
Anyone thinking this? pic.twitter.com/KtFbwOe41z
— Bagsy (@imBagsy) December 27, 2019
It isn’t only Bagsy that is looking for XRP to drop to the $0.12 range.
Per previous reports from Ethereum World News, Joe Saz, a cryptocurrency analyst and contributor to industry media outlet BlockTV, remarked that at $0.192, XRP is currently “floating in outer space,” meaning without any notable support nearby, and remains in a very serious downtrend (a descending channel, to be exact), implying that there will be bearish price action over the coming days and weeks.
He thus remarked that he wouldn’t be surprised to see the price of the cryptocurrency retrace to the $0.12 range, just as Bagsy said.
There’s also Jacob Canfield, a prominent cryptocurrency trader who recently stated that the cryptocurrency will need to fall to the $0.10 to $0.15 range before he even considers a long position.
Do XRP Bulls Have Hope?
Although a number of analysts expect for XRP to grace the low-$0.10s soon enough, there may be a long-term argument for bulls in terms of the cryptocurrency.
According to Jeffrey Tucker of the American Institute of Economic Research, the value of XRP and Ripple is to improve on the multitude of shortcomings of the “antique SWIFT system.” (For those unaware, Society for Worldwide Interbank Financial Telecommunications, or SWIFT, is the current system that links the world’s banks and allows for transfers to take place.)
Tucker said in an interview with Russia Today that XRP is an “extremely important technology,” before adding that the “legacy financial systems are incapable of dealing with the new age of globalization so taking crypto to kind of fill this market niche.”
And it seems that XRP may already be doing that, boding well for the adoption of the asset.
For instance, David Lighton, co-founder and CEO of SendFriend, recently remarked that his company can allow consumers to save 80% on remittance and other payment fees due to Ripple’s On-Demand Liquidity.
Also, the CEO of international payments specialist Mercury FX, Alastair Constance, talked up Ripple at a recent event:
“To really grow we wanted to target anyone who needs cross-border payments… When we discovered that Ripple could help us settle payments 100 times faster and at a fraction of the cost, it was a game-changing moment.”
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from Ethereum World News https://en.ethereumworldnews.com/could-xrp-fall-35-to-0-12-multiple-analysts-think-so/
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