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Ripple (XRP) Remains Above 5 Week EMA, Further Upside Likely
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Ripple (XRP) Remains Above 5 Week EMA, Further Upside Likely

Ripple (XRP) has been more focused on repeating its own history rather than following the rest of the market. This is why we saw the price trading on its own for the most part as the rest of the market took the fall with Bitcoin (BTC). The XRP/BTC weekly chart shows that the first cycle took 280 days to complete. The next cycle took another 280 days. Now, Ripple (XRP) has begun another cycle which if follows in the footsteps of the previous cycle would be expected to come to completion around mid 2019. During that time, we would expect Ripple (XRP) to complete the cycle against Bitcoin (BTC) that it has already begun.

It is pertinent to note that the price may not necessarily reach a new all time high by then but completing a cycle against Bitcoin (BTC) means that it is likely to reach close to its previous all time high. MACD for the above chart shows that there is plenty of room for further growth but the RSI is now nearing overbought levels. That being said, Ripple (XRP) may take its time but it is expected to complete its cycle against Bitcoin (BTC) next year, same as the rest of the market. Recent developments have convinced most in the cryptocurrency space that there is a strong interest in Ripple (XRP) which is unlikely to fade away anytime soon. This means that strong hands will continue to accumulate Ripple (XRP) at this point and try to keep the demand rising in the months leading to the ultimate FOMO.

Chart for XRP/USD (1W)

Critics of Ripple (XRP) call it a “centralized coin” or a “bank coin”. They criticize Ripple (XRP) for helping the banks and middlemen whereas coins like Bitcoin (BTC), Ethereum (ETH) and other altcoins are supposed to be helping users directly. Honestly, that argument does not hold anymore considering what we have seen in the market. The past few months have exposed the cracks within the foundations of even the most prestigious blockchain projects. It has shown us how greed and the quest for power and control have ripped apart the foundations of most projects. Very few projects in the market are currently true to their vision and have not made any such compromises. The rest of them have been used and abused by a small but powerful minority to satisfy their own greed.

Ripple (XRP) did not have decentralization in its mission but it stayed true to whatever was in its vision. It has delivered a working product and it is helping push for XRP adoption through its xRapid service. As we have seen in the past few months, many notable financial institutions are ready to start using XRP. When the dust settles, we will see Ripple (XRP) adoption rise, not only because it has been one of the best cryptocurrencies to invest in, but also because it is one of the few projects in the market that is actually using blockchain technology to solve a real world problem.

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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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