Ripple (XRP) continues to remain weak even as the overall cryptocurrencies market shows signs of recovery. Most top 20 coins are currently in the green now. XRP/USD is down 3.4% in the last 24 hours. This overextended correction has now dragged the price of Ripple (XRP) all the way down to −88%. This makes Ripple (XRP) one of the worst performing coins year to date, since the beginning of the correction in January. Trading volume for Ripple (XRP) is now hovering around $250 million. Overall sentiment towards Ripple (XRP) continues to be slightly positive as the number of Ripple (XRP) believers and hodlers remain high.
Ripple (XRP) has yet to complete its correction. The price is expected to go lower till a bottom is found. RSI conditions suggest for XRP/USD weekly chart suggest that the price may go down until RSI hits oversold levels near 29. Wave trend analysis for Ripple (XRP) also shows that the price could go down in the near future but long term, if enough positive catalysts are there, the price could receive a major boost to reach new highs. It is important to note that most XRP hodlers are still holding their coins at losses of 70% and higher on platforms like eToro. These investors continue to believe that XRP has a bright future and the price is expected to reach as high as $5 during the next cycle.
Despite major recent setbacks like Coinbase deciding to list Ethereum Classic (ETC) instead of Ripple (XRP) and Western Union CEO stating that XRP has not made much of a difference to their company, the Ripple Community still has a lot of supporters. Recently, Bill Clinton and Madonna joined the league to lend support and credibility to Ripple. While this may have done plenty to bring Ripple (the company) to the spotlight, it is hard to see what effect all of this is to have on the token, XRP. Ripple uses XRP for liquidity sourcing to replace nostro accounts. As long as there are no financial institutions to use XRP on a significant scale, the valuation of Ripple’s XRP tokens cannot be justified.
Ripple (XRP)’s fundamentals may appear uncertain but the technicals tell a whole different story. The weekly chart above for XRP/BTC shows that Ripple (XRP) has just completed its correction against Bitcoin (BTC) and is poised for a big run up in the weeks ahead. The wave trend analysis also looks very favorable for a big run up in the remaining half of the year. EMA alignment on the XRP/BTC chart still remains bullish and the price is currently resting at a historical trend line. Whether or not there will be enough catalysts to begin a new cycle with the same vigor remains to be seen, but if there are positive developments and the overall market turns bullish again, then it is very likely that Ripple (XRP) will see new highs in the remaining half of the year.