XRP ($1.43 · Live) is one of the most popular and high-volume altcoins in the market, drawing tremendous attention across the board. It’s also oftentimes the subject of interesting price predictions from both macro and technical analysts, some of which raise more than a few eyebrows.
XRP Price Predictions: Technical Analysts
Most recently, Ali Martinez, a frequent commentator and technical analyst, wrote:
A multi-year triangle on XRP points to $0.90 as a potential bottom for the bear market and $13 as a target for the next bull run.
But that would mean an increase just short of a 10x and, even in the next bull run, whenever that may be, it sounds more like wishful thinking. After all, even at current floats, that would put the project’s market cap at around $870 billion.
A more structured approach to XRP’s technical outlook was given by Crypto WZRD, who said that:
A move above the $1.55 resistance will see a rally towards the $2 resistance and beyond.
The analyst also explained that the altcoin needs to print a bullish candle against BTC ($78,012.00 · Live), which should happen if Bitcoin’s dominance declines.
But What About the Realities?
And while technical analysis paints one side of the story, the realities oftentimes disconnect and present a whole different picture. It’s important to understand that a large part of how Ripple sustains its operations (if not all of it) comes from systematically selling millions of XRP to the public every single month.
The CEO himself has said that the firm relies on these sales for profitability.
Now, it goes without saying that Ripple is taking proactive measures to ensure these sales are spread out as needed to minimize market impact, but the fact remains that they are ongoing and there is no end in sight.
So, while technical analysts continue pointing out points of potential contention or positivity, the fact remains that the underlying fundamentals also have a massive impact – one that is hard to quantify.
The post From a Massive $13 XRP Price Prediction to the Realities of Ripple Markets appeared first on CryptoPotato.