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- Analyst Timothy Peterson predicts that XRP has hit rock bottom and may even outperform Bitcoin next year.
- XRP’s further performance will be heavily impacted by US regulatory measures.
Although Ripple has achieved numerous milestones in 2020 and the use of payment solutions such as on-demand liquidity has increased significantly according to the latest quarterly report, many investors have been disappointed with XRP’s performance. However, Cane Island Alternative Advisors analyst Timothy Peterson is bullish in 2021.
XRP will overtake Bitcoin in 2021
Over the past 24 hours, the XRP price has fallen 0.42% and is now trading at $ 0.25. On the weekly chart, XRP is up 4.44% while it has fallen 1.18% over the past 30 days.
Despite rather average performance, especially relative to the price of Bitcoin, Peterson believes that XRP has hit rock bottom and could even surpass Bitcoin in 2021. Via Twitter he said:
I know it doesn’t sound like much, but this is the lowest priced XRP forward. I think people will be surprised by Ripple’s performance in 2021. It will probably have its best year since 2017 and possibly surpass Bitcoin.
Although the lower forward price is strictly a price trend, I have validated this trend with the fundamental metrics of @coinmetrics
– Timothy Peterson (@nsquaredcrypto) November 7, 2020
As Peterson explains, he comes to this conclusion after analyzing the fundamentals of XRP. As analyst MagicPoopCannon also discovered, XRP could come out of a descending wedge that it has been following since May 2018. The diagram below shows the MagicPoopCannon chart.
Source: https://www.tradingview.com/chart/XRPUSD/z4LpzxDq-XRP-May-Have-Bottomed-Pending-Upside-Breakout-of-Falling-Wedge
According to the analyst, XRP could rise to $ 0.77 next year, starting an unexpected rally. XRP was unable to break through the strong resistance along the $ 0.33 mark this year and has now stabilized at $ 0.25. According to Peterson, major support comes in at $ 0.22 and $ 0.25.
Peter Brandt on the other hand describes that the current XRP rally has only followed Bitcoin and the rest of the market and will not last longer. In his view, XRP will continue to decline relative to BTC, as shown in the chart below:
Dead cat bounces after 32 consecutive red days. The best trading practice is to be long the strongest member of a category when it is long, short the weakest when it is short. Don’t be the weakest for long hoping in the hope of recovering
Source: https://twitter.com/PeterLBrandt/status/1324797230834872320/photo/1
Trader and analyst “Dave The Wave” shared a chart with his community showing that XRP has hit the diamond bottom. This chart pattern shows a trend reversal that, according to the analyst, could occur with an 80% chance of success for XRP. The chart below shows that XRP will not immediately rise in price, but it may not reach the $ 0.30 mark until July next year, and then rise to $ 0.50 once this resistance is successfully overcome.
Source: https://twitter.com/davthewave/status/1323491355742498816/photo/1
The actual direction that XRP will take also depends on the further development of policy and regulatory measures in the United States of America. As reported yesterday by Crypto News Flash, Ripple has opened a new branch in Dubai thanks to the perfect location conditions and the clear regulatory framework. For some time, Ripple has also been considering the possibility of relocating its headquarters to London or Singapore.
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