Ripple (XRP) has been in a correction for the rest of the market. However, the sentiment towards Ripple (XRP) remained very different from that towards most cryptocurrencies. This optimism towards Ripple (XRP) comes from the promise of XRP that eventually replaces the legal currencies. Given the low cost and high speed of XRP transactions, it is easy to see why most Ripple investors (XRP) firmly believe in this promise. More often than not, we see that sentiment does not affect markets. It is also true in the case of Ripple (XRP) and as we can see the price has dropped to $ 3.2 against the wishes of most investors. However, there are still strong signs of an unshakable belief in Ripple (XRP) even during the bear trend.
The first, most important indicator of the unshakeable conviction of retail investors in Ripple (XRP) can be seen in the rankings. The bottom half of the chart above for XRP / USD shows an Elder diagram's Force Index (EFI) for Ripple (XRP). If we look at this indicator, it shows that the price of Ripple (XRP) has grown with incredible strength at the end of 2017. It also shows that the price of Ripple (XRP) fell with incredible weakness at the beginning of 2018. In other words, both the ascent and the decline were extremely powerful and took place in very short periods. Although Ripple (XRP) continued to fall in the following months, the sentiment was never truly bearish.
Now, looking at the Elder & # 39; s Force Index (EFI), we can see that the bearish momentum ran in January 2018. After the month of January, the downward momentum was lost. While the price has fallen along with the rest of the market, the downward momentum was not there anymore. In fact, as EFI shows, the price managed to break out at two points, but was dragged into correction by a falling Bitcoin (BTC). The first time it happened was in April and the second time it happened in September of this year. The second and most obvious sign is that Ripple (XRP) was one of the first cryptocurrencies to break the downward trend and actually try to start a new cycle. For the third largest market capitalization coin to make such a big independent move is nothing out of the ordinary.
Chart for XRP / BTC (1W)
Of course, most Ripple investors (XRP) would like to see Ripple (XRP) cut all ties with Bitcoin (BTC) and get rid of doing what it wants. However, the fact remains that strategic market decisions are taken by the whales and do not care about the feelings. Many retail investors in Ripple (XRP) wanted to kick off the XRP rally, but for every XRP loyalist there are whales that do not care about the sentiment and will willingly willingly get you to stifle that gathering if it meant making a profit. Nevertheless, it was still a strong indicator of the special feelings of retail investors for Ripple (XRP) and confirms our view that the true bearish moment of Ripple (XRP) lasted less than a month.