2019 was not necessarily predicted to have been so successful for cryptocurrencies. During the months of May, June, and July most cryptos finally started to gain serious momentum in the market and were showing signs of the late 2017 hype that brought us a $20,000 Bitcoin.
However, the hype was simply not enough, nor was the reason for the market to continue growing. Thus Bitcoin, alongside every other altcoin plummeted down to a more sustainable price range, but still in a much better position than 2018.
One cryptocurrency that was not necessarily a part of the major 2019 hype was XRP, and it continued to do so up until the end of the year itself. In fact, the worst-performing XRP within the last two years was identified in December at $0.173 per coin. Now though, the coin has reached a price of $0.253 and is growing as we speak.
Could this trend continue well into February and potential let us see a $0.5 XRP once again? Well, let’s take a look.
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24 months of failure behind
According to InvestingHaven’s XRP overview, every lengthy slump is pretty much guaranteed to end with an upward trend. And in the case of this cryptocurrency, we can pretty much say that this prediction was correct.
The price is up almost 50% from December alone, thus giving XRP the title of “best performing crypto of 2020” so far. Sure there’s almost the whole year to go for now, but we can’t argue that XRP truly did recover by a major margin.
Experts say that as long as XRP can maintain the resistance level at $0.261 and not falter in anticipation of challenging it, it’s very likely that the coin will reach 2019’s top price of $0.479 within a couple of weeks.
However, warnings have also flared saying that the support level at $0.247 is extremely fragile, thus creating an environment where a single fluke can tank the whole progress the coin has experienced so far.