Home / Coin Payment / Ripple (XRP) must make its next decisive step by the end of next month

Ripple (XRP) must make its next decisive step by the end of next month

Ripple (XRP) has been trading sideways for a while, but now it's time to make a decisive move. The price is already consolidating below the 21-week EMA EMA, but has reached the end of line trading within a diamond formation. The XRP / USD has become part of this diamond model in April 2018 and will have to burst by February 2019. The price is currently traded at the bottom of this diamond formation and some strong upward moves could easily facilitate a breakout on the positive side. A similar breakout will be very useful for getting more investors on board, as the XRP / USD will also exceed the 21-week EMA.

The weekly RSI also has plenty of room for further increases. The price can continuously increase for the next few months and it is expected that the XRP / USD will seize the opportunity to preserve its second place by market capitalization. That said, Ripple (XRP) performed better than most other cryptocurrencies and investors are aware of this. The XRP / USD was not corrected in the same way as most cryptocurrencies that could hinder its ability to move with the rest of the market in the weeks and months to come. One thing we have seen in this market is that there is no single cryptocurrency that is immune to market cycles. If a cryptocurrency escapes a correction at some point, it is likely that you face it at another time. There is no such thing as avoiding a correction.

Many cryptocurrency buffs who have invested in XRP / USD before the bear market has started are still waiting for the price to fall to $ 0.20 or closer before they can return to play. So far, XRP / USD has prospered without the need for help from such investors waiting on the sidelines. However, if this rally ran out, we could see a final fall towards $ 0.20 to get those investors on board. It is hard to say that any cryptocurrency could be overbought at this stage, whereas we have just gone through a large bear market. However, the reaction of retail investors to the adoption of XRP seems to have made the cryptocurrency slightly overestimated. Most of the time, this confusion comes from new investors who hear about Ripple (XRP) with a price below $ 1 and then confuse XRP with Ripple (the company).

Chart for XRP / BTC (4H)

Ripple (the company) has aggressively pushed for the adoption of XRP in recent months, but we still have to see how the adoption of XRP will evolve. It is not clear why these banks or financial institutions would like to use XRP instead of their Our accounts when they could issue their own cryptocurrencies performed on Ripple Net. If the adoption of XRP does not go as retail investors expect, we could see the price drop of Ripple (XRP) significantly. On the other hand, if the adoption of XRP were to go as planned, we should see a dramatic rise in the price of the product as the banks will have to buy billions of dollars of XRP to replace the accounts of ours.

Source link