As per our Ripple price forecast for 2019 we predicted that Ripple would rise to 20 USD within 24 months, and, longer run, possibly overtake Bitcoin as the largest cyrptocurrency in the world. Today, we see the confirmation that Ripple is on its way to meet our forecast. Earlier than expected, we get very strong evidence from the market today that Ripple is the new Bitcoin.
Ripple’s daily chart shows, once again, new and more interesting insights. This comes after our publication Ripple Bullish Setup After It Confirmed Its New Bull Market published just 2 days ago. Things are moving fast for Ripple now, and that is a very exciting things for crypto bulls, especially Ripple bulls.
First, on the very short term, we observe another breakout out of the short term triangle. As said on Friday, the weekend would be decision time, it was as obvious as possible. Bulls are in control as of now.
Second, the confirmed break above the June lows, see the successful test of long blue bar, is super bullish!
Ripple: first price target of 1.75 USD
Our short term Ripple price target is 1.75 USD. This is resistance of the lower band, called ‘support band’, on the 4-year price chart seen below. As per Ripple’s habits, this may hit very, very fast! Though we prefer a gradual and steady rise.
The long term price target of Ripple is 20 USD forecast for 2019 or 2020. We said that this prediction is our base case, not our most bullish, long term price forecast.
Ripple is the new Bitcoin, this is why
The picture in crypto land is clear now: Ripple is the new Bitcoin. Why? Because Ripple had a track record to move higher as the latest large altcoin. Now it does the opposite: it is it the first to rise in a time when many large altcoins are still struggling to get out of breakdown territory. Ripple registers a double breakout in a short period of time.
Exceptional relative strength is what we expect from leaders, and Ripple shows strong leadership now.
As per our first article on Medium.com in which we argue that Bitcoin will provide subdued returns because of the introduction of Bitcoin futures. This is what we wrote:
While short selling is likely going to cap the extreme upside potential in Bitcoin which is now becoming a more mature investing vehicle we believe that capital will continue to seek 100-fold returns. It is simply a characteristic of the crypto market, and it will likely not go away. Rather, the dynamics will change over time.
Assuming that crypto retail investors will also mature over time, we believe they will seek real added value when deploying their capital. Moreover, from an institutional perspective, we believe that the shortlist of cryptocurrencies they will invest in is really limited. We believe that Ripple will be on the top of their list.
Assuming that all our growth assumptions on Ripple laid out in our Ripple price forecast are accurate, we believe that capital seeking 100-fold returns as well as capital seeking ‘low risk high rewards’ opportunities (institutions) will primarily flow to Ripple’s XRP token. While Bitcoin saw massive inflow of capital in 2016 and 2017, only to trickle down to larger altcoins and then smaller altcoins, we believe the dynamics are changing. A small number of crypto projects that deliver real value will be the winners, and eventually the winner-takes-it-all will be the dominant trend. In sum, one of the most obvious beneficiaries of Bitcoin’s futures introduction will be Ripple’s XRP token.
Yes, we interpret today’s breakout in Ripple another preliminary signal that, not only our price targets are underway, but also that our thesis about Ripple’s bright outlook will be confirmed anytime soon.
Even if Ripple’s breakout attempt today will fail, we believe it is a matter of time until the magic will happen in Ripple’s XRP token.
Ed. Note: Ripple is our #1 favorite crypto since January 2018 when the crash started, and we wrote about this at length to our premium crypto subscribers. Become a premium crypto subscriber now, and get access to a wealth of tips, insights and our top crypto selection (just 10 out of the 2000 tokens out there).