Analysts consider that XRP holders could be in a period of accumulation. This could be very positive for a cryptocurrency that is currently being traded around 41% down since 2019 started.
In addition to it, other analyst believe that settlements are increasing with cryptocurrencies such as XRP. BitInfoCharts shows a massive spike in the number of XRP transactions in the last weeks.
XRP Is Moving Forward In The Market
The cryptocurrency market is expanding and XRP is showing it is a very resilient coin. According to the recognized cryptocurrency trader Calmly, XRP could be experiencing a period of accumulation on the XRP/BTC trading pair.
He mentioned that he would be interested in spot long on XRP at these levels considering the digital asset could move up as much as 50% in the coming months.
His comments come at a moment in which the whole cryptocurrency market is falling and where cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC) are registering price depreciations between 3.28% and over 8%.
At the same time, the crypto trader D.I.Y Investing explained that there are some cyclical time frames with the XRP cryptocurrency. He specifically mentioned that XRP follows cycles of 6 months to 1-year bull cycles that are followed by 2-year bear cycles. The next bear cycle could be 2020 and the price of this virtual currency could eventually move to $28.
That means that XRP should grow by around 13,400% next year to reach a value of $28. Although this seems to be a massive price increase, the crypto market has shown many times that these assets can experience massive price increases in short periods.
Source: D.I.Y Investing
Meanwhile, the number of settlements is increasing on the XRP network. In the last few weeks, transactions surpassed 4 million for several days. In the future, new exchanges could work as liquidity providers for Ripple’s On-Demand Liquidity (ODL) services.
Two of these exchanges are suspected to be Binance and Bittrex, however, there was no official announcement made by these companies.
At the time of writing this article, XRP fell by around 5% and it has a price of $0.207 per coin. It also has a market capitalization of almost $9 billion.