XRP Transactions Are Growing And Accumulation Is Ongoing, Waiting For A Price Breakout

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.

accumulation on XRPSource: Calmly

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.

Cyclical Time Frames with XRPSource: 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.

https://twitter.com/hallwaymonitor2/status/1205409405241581568

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.

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