Ripple (XRP) breaks under 5 EMA again, the price could plummet further


  Ripple Chart With Values ​​

Ripple (XRP) is not a good point for now. The price has once again broken below the 5 EMA and is now likely to fall further. The 4H chart above for XRP / XBT shows that in recent months, whenever the price of Ripple (XRP) fell below 5 EMA, it was followed by a 26% correction. The first time it happened was in July, when a red candle that closed under the 5 EMA on the 4H quadrant was followed by a series of red candles until the price had a 26% correction. The second time happened at the beginning of August when the price fell simultaneously through the 21st and 5th EMA, followed by a long row of red candles without a green candle in the middle.

This time, the price fell back below 5 EMA and we have already formed three red candles. There is no reason to believe that a 26% correction will not follow at this point as before, not when all the technical indicators indicate a fall. The MACD profile in the table above also shows that the blue line is likely to cross under the red line which will trigger another bear race. It could only be the last wave of Ripple (XRP) that needs to be completed against Bitcoin (BTC) before a turnaround. The price has already completed a correction of over 90% and in the next few days it should not decrease by more than 30% compared to current levels.

The graph above also shows that the gap between 21 EMA and 50 EMA has a bridge which means that things are improving in the long term but in the short term, the gap between 21 EMA and 5 EMA is deepening, another signal strong that the price could fall further from these levels to completely complete the correction against Bitcoin (BTC). The volume has increased in recent weeks as the chart shows, but most trading activities are still dominated by bots and traders.

 Ripple Chart With Values ​​

The long-term prospects for XRP / USD are clear as shown in the chart above. The price has almost completed the full extent of its correction against the US dollar. The MACD profile for the graph above shows that the Ripple MACD (XRP) has been traded in a fall wedge and is due to a massive rally upward before the beginning of October. The price of Ripple (XRP) has been bullish against USD since the beginning of 2017. If the chronology is indicative, the price of Ripple (XRP) should take off from these levels and start a new cycle assuming the demand for XRP continues to grow.

So far, Ripple partners such as Western Union who have tested XRP to replace their Our accounts are not sold to the idea that XRP is the solution to their problems. However, since XRP has one of the lowest transaction costs and one of the highest transaction speeds among most cryptocurrencies, it is likely that XRP will continue to be used in the future, regardless of whether banks use it or not.

[ad_2]Source link