XRP Spiral Won’t Stop Until ‘Cautious’ Buy Zone Hit, Warns Crypto Analyst
Crypto analyst Jacob Canfield says he believes the brutal downward spiral that hit XRP in 2019 is likely to continue.
The analyst says traders and the crypto curious are constantly asking him about the third-largest crypto asset by market cap.
Back on April 21st, he told his 40,000 followers on Twitter that XRP would likely move from about $0.26 down to $0.19. Since then, he says he’s adjusted his number to as low as $0.10.
“I cannot tell you how many friends and family members I saved from buying XRP in 2018 and 2019. It has to be in the hundreds. My answer of when to buy has always been *maybe* $.10 to $.15, but even then I would be cautious. This has to be my proudest achievement of 2019.
Originally, I gave $.19 – $.21 back in April when price was hovering around $.40. I then revised it after I saw the parabolic downtrend to $.10 to $.15.”
As the year comes to a close, the three biggest cryptocurrencies on the market have all had wildly different outcomes.
Bitcoin began the year at $3,743. After reaching a high of $13,785, it has since dropped to $6,596 – a 76% increase.
Ethereum started 2019 at $133.57. It hit a high of $354.13 and has now fallen to $122.06 – a 9% decrease.
XRP began the year at $0.3520. It reached a top at $0.4895 and has declined to $0.1807 at time of publishing – a 48% decrease.
As for his prediction on Bitcoin, Canfield says he’s also feeling bearish on the leading cryptocurrency. He predicts BTC could eventually move to $5,500.
“I think we could see $5,500 personally, as it is the 78.6% from the swing low to swing high, but we may see a bounce or two in between here and there.”
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