Benjamin Cowen, a popular cryptocurrency analyst, made a Ripple prediction. He said that Ripple (XRP) will reach all-time highs, but traders should wait for a while. Cowen tells 478,000 YouTube subscribers that the market needs to be consolidated and that the sixth-largest cryptocurrency won’t be going crazy in price anytime soon.
Analyst’s prediction for Ripple: will make ATH in this market cycle
In a recent YouTube video, the analyst says he believes the XRP price will rise and eventually reach its all-time high (ATH). However, he argues that investors should not expect such price action right away. Still, he believes market cycles for XRP are getting longer.
This means that the sixth-ranked cryptocurrency by market cap may see its price rise during the current cycle. “If you take a measurement from the current price to hit the previous all-time high, you get a difference of about 436 percent. My guess is that XRP will reach an all-time high in this market cycle,” said the analyst, adding:
But since I don’t talk much about XRP, there are probably some people who have never heard of extending these cycles. Even if the cycles do indeed get longer as I think and fail to make ATH in 2021 as many of us expect, I will not lose faith that XRP will perform towards its all-time high.
“This ATH does not mean that it will not trend higher in the next few years, even if it is not in 2021. Keep that in mind,” he says.
Why is XRP price below its ATH?
The peak price of XRP of around $1.92 in April is still 45% below the all-time high of $3.84 set in January 2018. According to Cowen, this is likely due to the U.S. Securities and Exchange Commission (SEC) lawsuit. Cryptocoin. com, the SEC sued Ripple for selling XRP as unregistered security. On top of that, the XRP price fell.