Ripple (XRP) has already kicked off the altcoin rally. It does come as a surprise considering the change of sentiment that Ripple (XRP) has magically achieved over the past few weeks. As always, the team behind Ripple (XRP) shows a glimpse of its talent. News of partnerships with more financial institutions has sent the price on a bullish spree these past few days. While some may think it is not sustainable and that the price may fall down if Bitcoin (BTC) trade sideways, we believe that is not the case. Bitcoin (BTC) can be expected to remain sluggish or trade sideways for the entire period this altcoin rally lasts. Cryptocurrencies like Ripple (XRP) have had extensive corrections and have now reached their all time lows against Bitcoin (BTC). Altcoins have long been on the verge of a trend reversal. Ripple (XRP)’s ambitious plans and institutional interest seems to have paved the way for that reversal.
The chart for XRP/USD on the weekly time frame shows that Ripple (XRP) has not only successfully tested the bottom of its ascending channel, but it has also completed the full extent of its correction as far as technical indicators are concerned. RSI for XRP/USD
has been trading in a falling wedge. After around 12 months of trading in a falling wedge, the RSI has now broken to the upside and has begun a new trend. Similarly, wave trend for the above chart shows that it is just on the verge of a breakout. It has been trading in a similar falling wedge since October of 2017. It seems that it will most likely begin a new trend by the October of 2018.
Ripple (XRP) is a very promising company with a lot of potential. The people behind the project alone would be a strong reason to invest in the company as they have proven their competence over and over again. However, investing in Ripple (the company) and XRP (the token) is not the same thing. This realization grew with time and Ripple (the company) felt the need to take this up more aggressively, which they have done quite successfully until now. The company has focused more on xRapid these past few months to cater to the interest of its XRP hodlers.
Ripple (XRP)’s charts are as clean and straightforward as they come. In fact, there is little room left for analysis. If you look at the above weekly chart for XRP/BTC
, it is quite straightforward to see what is coming next. This view is even more strengthened when you realize that Ripple (XRP) has been doing the same thing over and over again. It would be unreasonable to presume that this time would be different when all the indicators are the same. The charts to show that Ripple (XRP) is on the verge of a massive rally but the only question now is how much room it really has to grow. Is the Ripple (XRP) dream of capturing the trillion dollars forex market just a dream or can it turn into reality?