Ripple (XRP) Price Analysis: Jake Canfield Compares Ripple with Falling Knives; Short-term Bull Run is Predicted

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MD- Jake Canfield terms Ripple as Falling Knives. A lot depends on the movement of Bitcoin. Target at $0.35.

  • Jake Canfield warns against buying Ripple for the time being.
  • The next movement will rest at 0.35 USD.

A famous cryptoanalyst, co-founder of Signal Profits and former US Army veteran, Jake Canfield advised against buying altcoins including Ripple (XRP). He has vast experience in counterintelligence and cryptography and termed Ripple as falling knives. He blamed the movement of liquidity into major market caps and gradually to the other minor coins. This shift of liquidity is the reason for a deceptive bull run. He advised the potential buyers to wait for the reversal confirmation and watch Bitcoin in order to find stability. The prediction goes with a major hike and the value may be at a whopping 0.5 USD level by the end of this quarter.

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Current Statistics-

ripple price chart - may 11

  • Ripple (XRP) is the 3rd largest crypto coin in the digital currency market.
  • The ROI of Ripple coin stands at 5037.72%.
  • A total of 42,133,310,721 XRP coins are in current circulations.
  • The market cap of Ripple price at 02:44 UTC stands at 12,712,200,360 USD.
  • The value of each Ripple coin stands at 0.301714 USD and 0.00004655 BTC.
  • The 24h volume at the same UTC stands at 1,048,451,430 USD.

Comparison-

Ripple (XRP) is one of the few crypto coins which have shown enormous variations in the pricing since the starting of the year 2019. The lowest level of Ripple XRP price was reached at 0.29 USD on 29th January. Since then Ripple coin has been subject to many abrupt ups and downs. These movements have cost the coin a major loss in the market cap as well. However, by the start of April Ripple again got momentum and stood its feet. From 0.3 USD to it reached 0.35 USD in just 3 days. The market cap on 11th April was 14,017,740,678 USD. And the value of each Ripple coin stood at 0.335416 USD and 0.00006598 BTC. The current market cap and value of each Ripple coin is 9.31% less than the values of last month.

Prediction-

As mentioned above, it is evident that the value will move with a good pace in the recent future. The shift in liquidity will push the value to the next resistances at 0.32 USD and 0.35 USD. By the end of 2019, the value may breach the 1 USD mark by a good margin, as per our prediction.

Conclusion-

Though the market for Ripple is likely to boom, it is not advised to buy the coins freshly now. Investors willing to buy fresh coins will need to be extra cautious due to the movement of Bitcoin.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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