Crypto Analyst Pitches a Case For XRP to Hit $30 By End of 2021
XRP is a polarizing cryptocurrency asset, perhaps the most across the industry. It has some of the most die-hard believers, while others despise its very existence in the top ten assets by market cap.
Whatever the stance, a target of $30 per XRP is likely shocking. However, that’s exactly the surprisingly convincing pitch from one crypto analyst that expects that target to be met by the end of 2021.
Another Ridiculous Ripple Target, Or Is $30 XRP Reasonable?
A few weeks ago, Ripple’s performance was so poor, crypto analysts had been comparing its chart to that of livestock manure. Now, the altcoin’s chart is looking a lot more bullish, rising over 10% on the week.
The cryptocurrency even took back the number three rank from stablecoin Tether after the lastest rally in the asset. But still, many targets floating around the crypto market remain laughable, regardless of the community’s opinion of the asset.
Related Reading | Can Mathematical Targets For Ripple Realistically Reach $26?
Targets of $589 per token simply don’t add up, while targets more steeped in mathematics call for $26 for Ripple eventually. The lower of the two targets make another crypto analyst’s prediction of $30 per XRP seem more plausible.
Still, they’ve supplied quite a convincing pitch as to why the asset will reach such valuation by the end of next year.
It’s no secret that $XRP is one of the most talked about Cryptos in the space. It has held a top 3 status in market cap longer than most coins have even existed!
By the end of 2021 I expect the price of $XRP to reach $30 which would be over 100x returns from the current price…
— D.I.Y Investing (@vajolleratzii) July 28, 2020
Crypto Analyst On Why The Altcoin Will 100x By End of 2021
The crypto analyst’s name is Donovan Jolly and runs a YouTube channel with thousands of subscribers called, DIY Investing. There, the analyst reviews price charts for his viewers and hosts “The Moon Boy Podcast.”
Jolly is careful to point out that he isn’t a financial advisor and that any analysis shouldn’t be taken as investment advice. However, his theory is undeniably sound.
First, the analyst points to a visible fractal that several other charts have depicted in the past. Fractals are repeating patterns that form on price charts, and if the one Jolly points to plays out, Ripple could see a “100x.”
Related Reading | Are Altcoins Silver To Bitcoin As Gold? Unusual Correlation Discovered
Second, he compares the price chart of XRPUSD to that of the precious metal silver, which also recently experienced a strong breakout.
An unusual piece of his theory that hasn’t been uncovered by other analysts, is a recurrence of tops, bottoms, and middle-points of each market cycle coinciding with January 1.
XRPUSD Historical Analysis and Fractal | Source: TradingView
W. D. Gann built a legendary career on trading based on market timing involving key dates. Gann paid the closest attention to December and January for timing tops and bottoms of commodities markets. The same has been true for cryptocurrencies like Bitcoin and Ripple.
Research data has shown that Bitcoin was ready to break out into a bull market, but the pandemic and Black Friday set things back. Jolly’s proposed bottoming in XRP was also disrupted by this anomaly, but the asset is well on its way to a breakout now, according to the fractal.