XRP will hit a new all-time high, according to KOL Benjamin Cowen
Renowned analyst Benjamin Cowen says XRP will hit a new all-time high, but he believes traders will have to wait a while.
Cowen speak with its 478,000 YouTube subscribers that the market needs to consolidate and that no crazy price promotions are possible for the sixth largest crypto asset in the medium term.
However, he believes that XRP will rise higher in the current cycle.
“If XRP is to rise from its current price to its all-time high, it has to be around 436%. I believe XRP will hit an all-time high in this market cycle, but since I don’t talk much about XRP, some of the people who watch this channel may have never heard of the idea of extended cycles.
If the cycle really lasts as long as I think, and as many of us think now, then I believe XRP will hit a new all-time high.
Even if this won’t be the case in 2021, that doesn’t mean it won’t go any higher in the next few years. Keep that in mind. “
XRP / USD weekly chart | Source: Benjamin Cowen
XRP hit a local high of $ 1.92 in April, still 45% below its all-time high of $ 3.84 in January 2018. Cowen says the US Securities and Exchange Commission contained that boom.
On the BTC pair, the analyst says XRP is consolidating in support of the range. However, once it breaks out, the rally becomes steep as in the past.
XRP / BTC daily chart | Source: Benjamin Cowen
XRP is down more than 8% in the past week and is trading at $ 0.62 at press time, according to CoinGecko.
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
According to Dailyhodl