XRP to Hit $224 in 2020?
Presently, XRP has some features which can be as proof of the soonest rallying over 100,000% to $224. According to information from @Crypto_Bitlord (Twitter), Bitlord, as famous analyst showings some forecast. Supporters of the XRP crypto endorsed it with big excitement and lots of likes – as a result, such sensationalist tweet became crypto-viral.
Numbers Suggest. But Will It Be Possible?
Despite that many believers in the XRP currency have hopes in this forecast, it seems unreasonable from the point of strict numbers. At this moment, the cryptocurrency has a circulating supply of 43,366,238,611 tokens or a liquid supply of around 28 billion tokens, per data from the market screeners.
A cost of $224 can give the crypto market capitalization more than $6 trillion. While this market income isn’t unreachable, with high probability, the third-largest cryptocurrency will never gain it.
The gross domestic product of the US is around $20 trillion. With the cost of $224 per XRP coin, such currency will be equivalent to 30% of output in the US. Taking this into consideration, there isn’t an enterprise that is worth that amount of money.
Prediction Can Occur
With high possibility, extended rally to $224 can happen, but only with headlong hyperinflation or if XRP will be adopted by the central bank. If to talk 100% rally, it is a more probable situation on the crypto market.
Michael Van De Poppe, a trader at the Amsterdam Stock Exchange, recently noticed that XRP might be on the verge of posting 140% gains in the nearest months.
He put attention that the temporary cost action for the altcoin is very similar to the bottoming pattern at the end of 2015 and the start of 2016. That caused a massive spike to pre-crash levels. Such huge downtrends on altcoin graphs are on the verge of being “broken down,” building the base for firm reversals to the growth.
Michael Van De Poppe said, if the present situation plays out as it did in the previous years, meaning XRP will need to hold the $0.14-$0.17 range, it could grow as high as $0.473 — 140% higher than temporary costs — by the middle of 2020.