Ripple (XRP) has had its ups and downs. The price chose to make its own moves even as Bitcoin (BTC) remained undecided. We saw Ripple (XRP)’s rally come to a halt eventually. However, it does not mean that the bulls have lost the charge. They are still very much in control. The above 4H chart for XRP/USD
shows that Ripple (XRP) is very likely to break the above symmetrical triangle to the upside in the next 24 hours. In technical analysis, when the price enters a symmetrical triangle from the downside, there is a high probability that it is going to break to the upside.
This is because a symmetrical triangle is a continuation pattern, meaning that whatever has been happening before the price entered the triangle will continue to happen. In the case of XRP/USD, the price was rising before it entered the symmetrical triangle. It is thus very likely that the price will continue to rise as it exits the symmetrical triangle. For Ripple (XRP) this is an especially big development as the rally that had come to a halt will resume. Ripple (XRP) unlike most cryptocurrencies has already begun a new bullish trend. Ripple (XRP)’s CEO, Brad Garlinghouse keeps talking about how Ripple (XRP) is better than Bitcoin (BTC). In other words, Ripple (XRP)’s fight is not with the king’s soldiers. It is directly challenging the king’s claim to the throne.
The king (Bitcoin) is old and slow whereas the contender for the throne, Ripple (XRP) is young and energetic. In a direct combat, Ripple (XRP) will be a sure winner. However, the King (Bitcoin) has a lot of loyal nobles on its side and is accepted as the rightful monarch. Ripple (XRP) on the other hand lacks the legitimacy and respect needed to become the king. However, Ripple (XRP) has still made a lot of name for itself being a contender to the throne. This means that people who do not support the king (Bitcoin) will readily support Ripple (XRP).
In our case, it is the major financial institutions like JP Morgan and Goldman Sachs who are late to the game and would now want to support something they can control. Naturally, they would much like to see Ripple (XRP) succeed than Bitcoin (BTC). This is because Ripple (XRP) makes them bigger and better at what they already do whereas Bitcoin (BTC) puts them out of business. The above chart for XRP/USD on the monthly time frame points to an extremely favorable scenario for Ripple (XRP). As the chart shows, XRP/USD is currently resting on the 10 Month EMA Support.
Ripple (XRP) held this support until April, after which the price fell sharply towards the trend line. Last month, XRP/USD closed above the 10 Month EMA. This month, the price has managed to stay above this level. If the price succeeds in holding the 10 Month EMA support, it is extremely likely to surpass a price of $5 during its next cycle. However, if it fails to hold this level, Ripple (XRP) will fall back to the trend lien and trade sideways at least for the next 12 months.