Ripple (XRP) Price analysis: possible double bottom or too early?


Ripple is finding support around .2500 and may be about to complete an inversion model.

The rippling bulls are still defending the .2500 support, probably creating a double-bottom reversal pattern on the 4-hour chart. The price still has some space to cover before testing the neckline at 3500 and must overcome this to confirm that an upward trend is underway.

If this were the case, Ripple could rise to about 1000 or the same height as graphs. Moving averages are still fluctuating, suggesting a potential consolidation or that the battle between bulls and bears is rather narrow.

The RSI is on the rise to suggest that buyers have the upper hand, but the oscillator is nearing the levels of overbought to reflect exhaustion. Stochastic is also testing the overbought territory and may soon be lowering to signal a return in selling pressure.

Cryptocurrencies are seeing a little greener these days as it is reported that Morgan Stanley is trying to offer bitcoin exchanges with his clients. This has put the accent on institutional interest, above all because previously it was said that Citigroup was also trying to offer a product based on cryptography.

In addition, the WEF has suggested that digital ledger technologies could add 1 trillion dollars to global trade in the next ten years. In his estimates, he mentioned that "30% or $ 1.1 trillion of new business volumes will result from the barriers to removal of the DLT" and that "40% or $ 0.9 trillion of traditional will pass to the DLT for better service levels and lower fares ". he suggested that governments should welcome these kinds of questions and that those behind them will be increasingly disadvantaged.

Again, Ripple has been under pressure since the Satis Group predicted that its value could fall to $ .004 over the next 10 years. In any case, further positive developments in space could allow it to stay afloat.

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