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While Ripple XRP, the third largest cryptocurrency is still trading at $0.21, a trader is citing a chart to suggest a somewhat unrealistic XRP price surge to the $28 level next year.
XRP has not been on top form since early 2018 when the price surged to its all-time high of about $3.84.
Ripple’s active expansion strategy has not yet made its retail investors happy since the XRP price has been unable to get over $0.30 for a long while already.
However, now traders seem to have found signs on charts that say a new bull run is coming next year.
The trader ‘D.Y.I. Investing’ has shared some info about cyclical time frames for XRP he has come across.
Bearish cycles that happen to XRP take two years, he says, following a 1-year bullish cycle. This means, as per the trader, that the approaching 2020 is going to become bullish for the coin.
He expects the price to hit as much as $28. He shared on Crypto Twitter in a recent tweet:
Cyclical Time Frames with $XRP. You guys have seen me post this chart before but now I have added cyclical time frames to paint an even clearer picture. XRP follows cycles of 6 months to 1 year Bull Cycles followed by 2 year Bear Cycles. 2020 will be the next Bull Cycle. $28
In other Crypto news today:
Bitcoin Futures gap exists at $11,800; can bulls fill the gap?
For some context, a “gap” in a financial market is when an asset doesn’t trade at a certain price, leaving a gap in the order books and charts which is highly irregular. While gaps are rather rare, they’re common in the Bitcoin market because the Chicago Mercantile Exchange (CME) closes on the weekends though cryptocurrencies exist in a 24/7 market, creating discrepancies due to this market’s inherent volatility.
Some say that gaps can be used as a form of analysis, for in traditional markets, assets always fill the price gaps they leave in the coming trading sessions.
With there existing remaining gaps on the Bitcoin chart, we must ask: will Bitcoin (BTC) fill them?
According to cryptocurrency trader “exitscammed,” there exists a Bitcoin CME Futures price gap in between $11,700 and $12,000, left behind from the strong rally seen earlier this year.
$12,000 is 70% above the current price level of the low-$7,000s.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.