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Popular crypto analyst Benjamin Cowen says XRP will hit new all-time highs, but he thinks traders will have to wait a while.
Cowen tells his 478,000 YouTube subscribers that the market needs to consolidate, and no crazy price action is likely to happen with the sixth-largest crypto asset anytime soon.
He does, however, believe market cycles are lengthening for XRP – meaning the asset may soar in price during the current cycle.
“If you take a measured move from the current price to get to the prior all-time high, it would take around 436%. My guess is that XRP will make it to its prior all-time high this market cycle, but because I don’t really talk about XRP that much, there are probably some people watching this channel that have never even heard of the idea of lengthening cycles.
If the cycles really do lengthen like I think, and like many of us think now, then I would not necessarily lose faith in XRP putting in a new all-time high, even if it doesn’t do it in 2021. Even if this doesn’t happen in 2021, it doesn’t mean that over the next couple of years it’s not going to trend higher, okay? Remember that. Keep that in mind.”
XRP’s price top of about $1.92, which the asset hit in April, is still down about 45% from its all-time high of $3.84 set in January of 2018, which Cowen says is likely due to the current U.S. Securities and Exchange Commission lawsuit against Ripple.
XRP is down more than 8% in the past week and is trading at $0.62 at time of writing, according to CoinGecko.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Mia Stendal
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