Ripple (XRP) is probably the most bullish looking coin right now. This is because Ripple (XRP) has already complete an almost 92% correction since its fall from $3.31 in January this year. In addition to that, as the above weekly chart for XRP/USD shows, Ripple (XRP) has just completed a giant bullish gartley pattern that extends all the way to 2017. This means that Ripple (XRP) can now be expected to begin a new trend at this point and possibly enter another bullish gartley formation. RSI for the above chart has been trading in a large falling wedge as well that extends all the way to late 2017. RSI for XRP/USD has now reached the extent of its movement with that falling wedge and is expected to break out before the end of the month.
MACD analysis for the above chart shows that Ripple (XRP) might be on the verge of a massive break out and as its price could very well lead the altcoin rally with solid marks of a trend reversal. The ascending channel in which XRP/USD has traded since before 2017 is still intact and the price is currently sitting at the bottom of it. If Ripple (XRP) were to begin another cycle at this stage, it would be expected to surpass its previous all time high of $3.31 by the end of the year. However, for that to happen, we will have to see solid advancement in the fundamentals of Rippleâs XRP token. A favorable development at this point is that Ripple and R3 have reached an understanding regarding XRP after months of legal wars.
Ripple (XRP) is the only major cryptocurrency to have had such an extensive correction. However, it would be unfair to not mention that it is also the only large cap cryptocurrency to have had an ROI of a whopping 3800% for the last two years! Rippleâs XRP token still has room for more gains if the company seriously comes up with a plan to get remittance companies to not just experiment but actually use the XRP tokens on a large scale. Previously, Western Unionâs CEO criticized Ripple (XRP) for its inability to make any difference to their transaction costs. Later on, it was found that Western Union was only experimenting with XRP on a small scale. Ripple, the company came up to their defense and mentioned that you cannot ascertain the cost efficiency of XRP with such small amounts.
Ripple (XRP) has a working product; the only problem now is adoption. As for investors, Ripple (XRP) remains range bound on the smaller 4H time frame shown by the above chart. The price is expected to keep on trading sideways for the time being as Ripple (XRP) has already completed its correction and is now waiting for a signal from Bitcoin (BTC) to make its next move. Ripple (XRP) is currently close to testing the ascending channel again on the 4H timeframe. Current levels for XRP/USD present good buying opportunities for medium to long term investment. For those looking to trade short term, it is recommended to wait for a break out to either side before entering a trade.