XRP Looking Into The Future With Airdrop Support From Coinbase - Including Market Breakdown
Updated: Dec 21, 2020
Ripple XRP is one of the biggest cryptocurrencies in the world, just behind Ethereum and the market leader, Bitcoin.
XRP has rallied over the past weeks, much to the help of the bull run that Bitcoin has had over the past few months, but also for the fact that Ripple announced the highly awaited giveaway of the brand new cryptocurrency, Spark.
Spark tokens have be given away to all XRP holders on the Coinbase exchange, which as also prompted other large cryptocurrency exchanges such as Bitstamp and Binance to follow in their footsteps, also supporting the airdrop.
Ripple gave out over 45 million Spark Tokens around the world to anyone holding XRP on the 12th December, which in a lot of the market leaders eyes should have resulted in another surge in price for the major cryptocurrency, but instead we are still seeing the slow decline of XRP down to the regions it was a few months back.
Below we will be looking at what we think XRP is going to do going into the new year, and then a look into our predictions of the cryptocurrency within 3, 6 & 12 months.
So going into the new year, we are expecting XRP to push back into the $0.50 - $0.55 region, before making its further move down toward the sub $0.40 range.
Below you can see our short term market breakdown, as the price of XRP had dipped below the previous low of $0.46 which was hit on 26th November 2020, to around $0.437 early hours of the 16th December 2020. We are anticipating the push up toward the $0.55 mark any day now, before the long awaited move down toward its previous lows of $0.40.
Next we are looking into the next 3-6 months of the cryptocurrency's future, and where we expect it to be in early spring next year.
As we all know in the crypto world, history repeats itself more often than not. Below we see a near exact replica of the push up and drop that we saw in September/December 2018. As we have shown below, the full movement of late 2018 returned back to its price before the spike in around 4 months, and the recent movement started in the middle of November, so we expect the price to return to the $0.25 - $0.27 region by mid February 2021.
We don't expect price to stop at the $0.25 region, as it showed back in 2018 it carried on the barish fall until it bottomed out $0.11 early this year. We aren't expecting as much as a fall this time around, but we still think it could reach the lows of $0.15 - $0.20 with a 6 - 12 month time period, before heading on towards the final push above $1, which we are all extremely excited for.
Even with all of our trading knowledge, we still cannot predict the future, and with the FCA's ban still in place and to come into action on 6th January 2021 for the sale of crypto-derivatives to retail consumers, the crypto market - as always - could move in any direction whenever it pleases. So know the risks when trading and remember, never change your stop loss!