Ripple (XRP) is about to begin a new trend. The daily chart for XRP/USD
shows that Ripple (XRP) has already broken out of the bullish gartley formation and is due for a breakout anytime now. RSI for the above chart shows that Ripple (XRP) has already broken its downtrend and is now waiting for the rest of the market to recover so it can resume its bull trend. This is not the first time a weak Bitcoin (BTC) has put a stop to Ripple (XRP)’s aggressive rally. It might seem as a negative development to most investors who have been waiting for a trend reversal since the beginning of the correction. However, if we look at the chart, we can see that Ripple (XRP) has now found a support higher up the ascending channel. This means that Ripple (XRP) is now likely to rise even higher during its next cycle.
The question is not whether Ripple (XRP) will begin a new trend anytime soon. The chart shows quite clearly that Ripple (XRP) has found a bottom and that a new trend is about to begin. The price has to touch the top of the ascending channel during the next cycle. The real question is whether Ripple (XRP) will be able to make similar gains as it has in the past. This question has become even more importantly in light of a recent statement from Satis Group which stated that Bitcoin (BTC) is going to $96,000 and Ripple (XRP) is going to $0.01 by 2023. In all fairness, that is quite a bold pronouncement and it is too premature to say which cryptocurrency is going where by 2023. As long as XRP has a use case, its price is likely to appreciate. Ripple (XRP) capitalized on the idea of dominating the forex market which drove the price of XRP to astronomical levels. After that, the price had an equally aggressive correction. This is why, currently, Ripple (XRP) appears to be one of the best cryptocurrency investments from a risk/reward standpoint. However, the question as to whether Ripple (XRP) will be able to make similar gains still remains unanswered.
Chart for XRP/BTC
Ripple (XRP) is up 5043% for the last two years, making it one of the best performing coins. The price of Ripple (XRP) currently trades above $0.40 but the new cycle has not begun yet. If Ripple (XRP) were to follow the same trajectory as before, we can expect to see the price of a single XRP coin valued at $5 or higher in early 2019. This does appear to be a long shot but it is still possible if Ripple (XRP) succeeds in having even a small number of banks use XRP instead of their nostro accounts.
Most technical indicators for Ripple (XRP) point to a major rally that might surpass its previous all time high. Of course making 20x or higher gains will be a challenge at this big of a market cap, but then again as we have seen in the past blockchain projects like Ripple (XRP) have a lot of potential and if they succeed in securing even a small portion of the trillion dollars forex market, the price of XRP can rise astronomically in the years to come.