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Ripple (XRP) Primed For A Slingshot Effect In The Near Future
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Ripple (XRP) Primed For A Slingshot Effect In The Near Future

Ripple (XRP) is primed for a slingshot effect in the weeks to come. The above daily chart for XRP/USD shows that the last time the Bollinger Band Width dropped near the current level, it lead to a sling shot effect. This means that the price retraced a bit and then shot up in the opposite direction with enormous strength. If we compare the BBW profile between November and December of 2017 with that of November and December of 2018, we can see a strong similarity. The BBW indicator is following in the same path as it did back in 2017 between November and December before the ultimate bull run. The price is likely to continue to climb towards the third quarter of the month. After that, it is expected to retrace and then shoot back up.

The expected timeline for this slingshot effect is between November 03, 2018 and December 01, 2018. This means that we should be able to see the beginning of a strong rally in Ripple (XRP) towards the beginning of 2019. This makes sense when you consider that most of the technical indicators at this point already favor such a rally. The price of Ripple (XRP) has been trying to defy the gravitational pull of Bitcoin (BTC) to follow its own trajectory. However, it had to retrace soon to revolve around Bitcoin (BTC) once again. Still, XRP/USD is in a far better position compared to most coins. It is well above its bottom and has not retraced as much as most analysts expected.

Chart for XRP/USD (1W)

The interest in Ripple (XRP) is real. A lot of people believe that this cryptocurrency is headed for mainstream adoption. The belief stems primarily from two strong factors: Ripple (XRP)’s high speed and low transaction cost. These are the qualities anyone would like to see in any bank or financial institutions they use for their day to day needs. The companies using Ripple (XRP)’s xRapid solution have been successful at cutting down on transaction time and cost. Bank to bank transactions between different countries take 3 to 4 days usually as banks have to comply with a ton of regulations and then they have to arrange for funds to be paid to the recipient. With Ripple (XRP), the whole process takes a few minutes at most.

Ripple (XRP)’s qualities make it the best suited cryptocurrency for online transactions. If you want to buy or sell something online, the best way to do that would be with Ripple’s XRP. The reasons are pretty straightforward. The transaction time is less, which means payments are sent or received faster. The transaction costs are very low which could save merchants a lot. A buyer or seller can easily trade XRP for other assets. Supporting Ripple (XRP) is not the same as supporting fiat. If you are a merchant, you can accept payments in XRP and then convert them to Bitcoin (BTC) if you do not like fiat currencies.

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Fakhan

I work as the key Trading Analyst for Crypto Daily and provide the team with regular analyses and updates regarding the technical performance of all cryptocurrencies on the market. I am responsible for the production of articles and posts for Crypto Daily’s own technical analysis section and spend my time monitoring and commenting on the varied moves the markets make on a daily basis.

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