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Ripple (XRP)’s Resilience Astounds Cryptocurrency Investors

 
Ripple (XRP)’s Resilience Astounds Cryptocurrency Investors
Breaking News / Cryptocoins / Analytics / Ripple

Ripple (XRP) investors are truly one of the most loyal investors any market has ever seen. The way the price has defended against potential falls in the face of market meltdowns is completely astounding. In fact, most Bitcoin (BTC) maximalists would like to see Bitcoin (BTC) demonstrate this kind of resilience. However, while Bitcoin (BTC) price is influenced by all kinds of investors and whales who would dump a ton of coins on exchanges to turn in a quick profit or liquidate some positions, XRP investors are mostly hodlers. This has to do with the particular class of investors that Ripple (XRP) attracts but it also has to do with Ripple (XRP)’s price action. If we look at the XRP/BTC weekly chart, we can see that most of Ripple (XRP)’s big upward moves take place in a very short time frame.

The previous cycle saw Ripple (XRP) rally in 70 days during its first rally. After that, Ripple (XRP) entered a correction for 203 days. At the end of that cycle, Ripple (XRP) rallied again and then corrected in the same manner as before. If we consider both previous cycles visible on the chart to have completed within the same duration o 273 days, then we can assume that Ripple (XRP) has already begun a new cycle. In fact, Ripple (XRP) can be expected to rally aggressively within the next few weeks if it is to follow its previous cycles. It will be a challenge to work with the RSI which is about to enter overbought levels. When that happens, the price may not be able to rally in the same manner as before. The consecutive long weekly candles do not appear to be likely under current conditions.

The price may still rally with the rest of the market to reach a new all time high during the next cycle. It is surprising to see that XRP/USD is continuously seeing new investors flock in considering the price fell all the way from more than $3. Most hodlers are still holding with more than 80% losses but they do not seem to be bothered by it. It has also not discouraged new investors from entering the market. At a time when we see the crypto market in a bloodbath and most cryptocurrencies are fighting for their lives, Ripple (XRP) investors do not seem to be concerned at all. In fact, the recent victory for Ripple (XRP) investors in the form of XRP surpassing ETH in market cap has led to increased investors’ confidence.

The moment Ripple (XRP) surpassed Ethereum (ETH) in market cap, investors turned their eyes to Bitcoin (BTC) and their hopes reached the skies. Their belief in Ripple (XRP)’s promise of becoming the global mode of payment increased even more, and why should it not considering Bitcoin (BTC) price is influenced by a select group of miners and whales who can swing the price either way out for their own greed. Bitcoin (BTC) is a noble creation and in my opinion the only cryptocurrency to be capable of being called money. However, Ripple (XRP) is better positioned to replace fiat as the preferred digital currency in the near future.  

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