Hot Topics
Coin Gecko

Advertisement

Advertisement

Ripple (XRP) Is Weeks Away From Beginning Its Next Bull Run

 
Ripple (XRP) Is Weeks Away From Beginning Its Next Bull Run
Breaking News / Cryptocoins / Analytics / Ripple

Ripple (XRP) is about to complete a giant bullish cypher pattern on the weekly chart. This pattern spans over a period of two years and is about to come to fruition. This means that we could see Ripple (XRP) rise aggressively around the end of the February to correct to the upside. Most of the time in financial markets, a bullish cypher pattern is followed by a big rise to the upside. In the case of cryptocurrencies, this rise is even more aggressive and often comes at a time when the majority of traders don’t expect it. If we look at the weekly chart for XRP/USD, we can see that around the beginning of 2017, the sentiment towards Ripple (XRP) was not a positive one. The price plunged aggressively in early 2017 but soon recovered. However, the sentiment remained bearish until April, 2017 when the price started to rise quite aggressively.

In the case of Ripple (XRP), this rise usually comprises of a few long consecutive candles that last a duration of a month or two. We have seen this happen over and over again in the past. The long green candles that we see on the weekly chart for XRP/USD were printed at a time when the majority least expected it. After every instance of profit taking, the mainstream traders continued to push the price higher until it eventually topped out and entered a bear market in 2018. The majority is never right which is why very few people actually end up making money in financial markets. The majority is always on the losing side because it is a zero sum game which means somebody has to lose in order for others to win.

The sentiment is still quite negative and a lot of cryptocurrency enthusiasts believe that they might see XRP/USD again around a price of $0.18 or lower. However, ground realities tell a different story. The weekly chart for XRPUSDShorts tells us what professional traders are thinking at this point. As we can see, the number of sell orders has declined massively in the past few weeks and is about to fall further. This shows us that the vast majority of professional traders have already closed their sell positions for Ripple (XRP) as they believe the price is going to rise in the months ahead.

As the sell pressure on XRP/USD decreases over the weeks ahead, we should expect the price to rise and begin its next bullish cycle. There is no lack of catalysts for Ripple (XRP) to trigger its next big bull run. The cryptocurrency has seen a ton of new partnerships just in the past few months alone, none of which seem to have made any impact on its price. However, soon as the dust settles, we should see those partnerships factor into the price as XRP/USD rises towards a new all-time high. At the moment, Ripple (XRP) is trading slightly above $0.31 but its next big move could see it trading north of $0.50 in no time.

You can share this post!