Home / Ripple / Ripple (XRP): the bulls are still in charge

Ripple (XRP): the bulls are still in charge

Ripple Chart With Values

Ripple (XRP) had its ups and downs. The price has chosen to make its own moves even if Bitcoin (BTC) remained undecided. We saw the Ripple rally (XRP) stop at the end. However, this does not mean that the bulls have lost their office. They still have a lot of control. Table 4H above for XRP / USD shows that Ripple (XRP) is very likely to break the symmetrical triangle above towards the next 24 hours. In the technical analysis, when the price enters a symmetrical triangle from the negative side, there is a high probability that it will break upward.

This is because a symmetrical triangle is a continuation model, which means that whatever happened before the price entered in the triangle continues to happen. In the case of XRP / USD, the price was rising before entering the symmetrical triangle. It is therefore very likely that the price will continue to rise as it exits the symmetrical triangle. For Ripple (XRP) this is a particularly big development as the rally that has stopped will resume. Ripple (XRP) unlike most cryptocurrencies has already started a new uptrend. The CEO of Ripple (XRP), Brad Garlinghouse continues to talk about how Ripple (XRP) is better than Bitcoin (BTC). In other words, the battle of Ripple (XRP) is not with the soldiers of the king. He directly challenges the king's claim on the throne.

The king (Bitcoin) is old and slow while the contender for the throne, Ripple (XRP) is young and energetic. In a direct fight, Ripple (XRP) will surely be a winner. However, the King (Bitcoin) has many nobles loyal to his side and is accepted as the legitimate monarch. Ripple (XRP) on the other hand lacks the legitimacy and respect necessary to become the king. However, Ripple (XRP) has still earned a lot of name to be a competitor to the throne. This means that people who do not support the king (Bitcoin) will promptly support Ripple (XRP).

Ripple Chart With Values

In our case, it's the big financial institutions like JP Morgan and Goldman Sachs that are late in the game and now they want to support something they can control. Of course, they would like to see Ripple (XRP) successful rather than Bitcoin (BTC). This is because Ripple (XRP) makes them bigger and better in what they already do while Bitcoin (BTC) puts them out of business. The chart above for XRP / USD on the monthly time period indicates an extremely favorable scenario for Ripple (XRP). As the chart shows, XRP / USD is currently paused on 10 month EMA support.

Ripple (XRP) maintained this support until April, after which the price fell sharply towards the trend line. Last month, XRP / USD closed above 10-month EMA. This month, the price managed to stay above this level. If the price manages to keep 10 month EMA support, it is extremely likely that it exceeds the price of $ 5 during its next cycle. However, if it fails to maintain this level, Ripple (XRP) will return to the trend constraint and will operate sideways for at least the next 12 months.

Source link