The analysis of the price of the ripples confirms an abandonment of penny XRP / USD – Bulls that takes charge?

Ripple Price Analysis

On 27 August he saw the XRP of Ripple's native resource, which made a big bullish move, bursting out of a bullish pennant model. The cryptic asset was largely lowered this year, with the exception of two climbs built in mid-February and the end of April. After the record growth recorded until 2017 and until January 5 this year, the XRP / USD has been stuck in a correction phase for much of the year so far. However, the Ripple price analysis reveals a recent bullish technical model for the XRP / USD pair, which suggests a reversal.

Pennant Breakout Confirming an uptrend

In technical analysis, a banner (or flag) pattern is formed when the price rally abruptly, so it moves sideways or slightly downwards. This lateral movement generally takes the form of a small triangle (pennant) or rectangle (flag). The price increase preceding the flag or pennant is called the flag pole. In the chart above, we can see that the XRP / USD has made a pennant model. The model was formed from August 17 to August 27, after which the XRP managed to unlock to confirm an uptrend.

In addition, the movement of the RSI index (relative strength index) and the current level (around 50) indicate strength in the current market momentum. Furthermore, the purchase volume (as also indicated by the green bars in the above graph) appears to be driven by the bulls.

Fundamental factors supporting a bullish XRP

At a fundamental level, the inherently decentralized nature of the XRP register is what should bring XRP higher, as proposed by Ripple CTO, David Schwartz in a version. According to David, cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are more centralized and concentrated than XRP. This exposes them to a greater amount of concentration risk than Ripple's native assets.

"To date, four mining groups currently control 58% of the Bitcoin network and three miners represent 57% of Ethereum daily capacity Furthermore, 80% of the mining activities on the Bitcoin blockchain are centralized in China, despite the country's ban on using digital resources, entails a greater risk of being manipulated by a single sovereign government. "

In addition," Unlike Bitcoin and Ethereum – where a miner could have 51% of the hashing power – every Ripple validator has only one vote in support of an exchange or order of a transaction. "Thus, Ripple validators do not exercise significant power over the XRP register.

Image of credit: deposit of photos

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