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Ripple (XRP) has declined significantly in recent days and has now given the bears more reasons to go further. The number of short films that until recently was on the verge of a massive decline is now once again in difficulty to overcome the 21-day EMA. The daily chart for XRPUSDShorts shows that there is still plenty of room for further increases. The number of shorts is at least to test the previous historical maximum, if not go higher. The diagram on the daily chart for XRPUSDShorts shows that the bears will have an upper hand towards the end of the year. By the beginning of 2019, we would see bears pushing for a rally that will most likely take us to the long-awaited highland season.
As long as XRPUSDShorts stays on EMA 21 days, there is no hope of a successful recovery. Ripple (XRP) may challenge short-term Bitcoin (BTC) movements or stall correction, but will eventually complete its correction in its full extent. Current circumstances indicate that this correction will likely move Ripple (XRP) under $ 0.20 in the coming days. This will also give more confidence to the bears and the number of courts will increase towards the previous historical maximum. That would be the perfect time to start looking for long items. A lot of people were waiting for Ripple (XRP) under $ 0.20. A few months ago, it would have seemed completely ridiculous considering that Ripple (XRP) had just reached an all-time high of $ 3.2.
Chart for XRP / USD (1D)
Ripple (XRP) has come a long way from being an idea to an effective work solution that now has major financial institutions that use their services to make their business more efficient. A few years ago, many people would find it very hard to believe that Ripple (XRP) could end up one day as the second largest currency by market capitalization. There was no community support and no acceptance. It was common to see a large number of people in the crypto community publicly attack Ripple (XRP) to be a bank currency managed by a centralized entity. However, shortly thereafter people see this "banking currency" making serious moves, and suddenly the hatred and the negative towards XRP were nowhere to be seen. I have mentioned many times in my analysis how the change in sentiment we saw in XRP shows that everything is possible in this market.
The Ripple team (XRP) is one of the smartest people in this industry. It is absolutely staggering to see how they made a "bank currency" and a "centralized currency" in a "favorite currency". The same people who once criticized Ripple (XRP) now ask for their favorite currency to be quoted on Coinbase. This change of feeling is unlikely to change soon. Ripple (XRP) managed to get many new investors on his side. This explains how Ripple (XRP) was able to take the place of Ethereum (ETH) as the second currency by market capitalization.
