The cryptocurrency price market has been in constant movement in recent weeks and BTC, after breaking through the $ 5400 barrier, is currently struggling to keep up with this gap, even though all long positions were closed to resistance of $ 5600. However, its domain is still quite high, with more than 54% of the total market that is above $ 177 billion.
As a result, the market is dyed red today, with the main protagonists retreating in percentages with about two-digit, as is the case of XRP, BCH and EOS.
We seek this opportunity to analyze the case of Ripple’s XRP. XRP has dropped -6.74% in the last 24 hours with a fall in its price to levels of $ 0.309 at the time of writing and its market capitalization has fallen to $ 12.7 billion, anchoring it on the third position of the general ranking of cryptocurrencies.
Ripple (XRP) in the long term as we can see in the following graph, it presents a downward trajectory, with a fall in its value by approximately -88.22% from its maximum reached in January 2018.
According to this graph, the token is in the final phase of its third wave and it is expected to fall into correction before pushing to average levels of $ 0.334; a + 10% profit compared to your current position.
In the short term, the 1H chart of XRP predicts a strong fall of the asset approximately at 15:00 today, as BTC falls as a result of a price correction driven by the closing of Long positions of investors.
Although XRP does not depend in largely on the movement of BTC in the market like other altcoins, but the positions of XRP in pairs against BTC will be affected proportionally to the direction of the prices of the king.
In the short term, XRP is expected to complete a reversal of the current trend based on the 30-day EMA cross that is expected to be completed in the next two days.
The Aroon Dowtrend indicator has also begun to show signs of decline, which is good for investors who enter at this moment of depth, with expectations to receive profits of up to two digits in the short term.
The previous scenario is corroborated with another long-term graph, 1D for XRP.
On this occasion we observe the recent direct correlation between the Relative Strength Index (RSI) and the token prices when they are at maximum / minimum.
We extended the EMA 30 vs EMA 100 cross and observed a current trend change for an upcoming bullish rally for the first week of May 2019, a foreseeable margin according to the previous short-term scenario.
At this time the RSI is in sales levels, deepening its positions to oversold.
RSI in Depth.
As we mentioned above, historically for the case of the XRP token, there has been a direct relationship between the swing of maximum and minimum prices with the value of the RSI indicator.
XRP Fundamental Analysis on 1D chart
Based on the above, we can project an in-depth estimate of the next bullish rally of XRP to verify that it coincides with the short and long term positions for the token.
As a result, we have the RSI vs Prices analysis coincide
Based on the above analysis, we should see the “beginning of the end” bearish XRP today, and if so, the next bullish rally of the token should lead the token to double-digit profit levels.
Latest: Ripple (XRP) on Constant Movement
Ripple has been in constant movement in recent weeks, closing important alliances with large companies that allow a greater use case for the XRP token and therefore a greater demand that directly affects its prices. Despite all this, its price has not been higher than price levels in a rather suspicious crypto community.
But beyond that, what many investors expect from the token is that the current efforts of its parent company will bear some fruit.
Precisely, what Ripple has been doing is to improve the adoption stage of XRP, so that its use cases have future successes, and the liable reason for generating alliances with all kinds of companies, startups and fintech is to ensure that its token is admitted, used and quoted.
Rather than pump up, its prices failed to meets the expectation of investors due to the lack of demand for the incipient unproven practicality of the technology just like the case of Ethereum and its ICOs.
Of course, as all the cryptocurrency ecosystem revolves around its star, Bitcoin (BTC), everything that this asset generates or stops generating will naturally influence the prices of the rest of the altcoin, given its undisputed dominance.
It is precisely what we are seeing now, but nevertheless, XRP has a point in favor and we have already mentioned it before. Oftenly, XRP creates higher minimums, that is, its supports are increasingly higher which will become larger prices as time goes by, unlike many similar projects.
Ripple (XRP): SBI Group Exchange.
Among the outstanding use cases we have for XRP token is the adoption from the virtual currency platform of the giant Japanese bank of investors, SBI Group. This would undoubtedly generate a great point of confidence for institutional investors, once mass migration occurs from this field to cryptocurrencies.
By then, XRP will have a greater advantage compared to the rest of its competitors.
Remittances and Banks.
Ripple has been characterized for trying to dominate the field of remittances. Although projects like the giant American bank JP Morgan coin have threatened this dominion. However, the team behind this token has taken other steps forward so as not to be relegated from its position.
Partnerships with Western Union and Bank of America to test Ripple’s remittance distribution network with its xRapid and xCurrent technology, through XRP token, represent a great future success, given the widespread adoption of the token through the protocol of Ripple.
Massive sale of XRP.
Not everything is gold for the token. We recently heard controversial decisions that XRP flooded the market with supply, and in part for many analysts it is synonymous with devaluation of the token, sales decisions made by one of its owners, the CTO of the firm Ripple.
However, it is worth noting that this should not worry investors too much, given that Charlie Lee, the creator and CEO of Litecoin (LTC) some time ago also publicly indicated the sale of all his digital assets, and the result has not generated negative changes on LTC. On the contrary, LTC has been revalued as the rest of many cryptocurrencies that are dependent on BTC.