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Ripple (XRP) Likely To Climb Past 21 Week EMA In The Weeks Ahead

 
Ripple (XRP) Likely To Climb Past 21 Week EMA In The Weeks Ahead
Breaking News / Cryptocoins / Analytics / Ripple

Ripple (XRP) has a lot of room for growth especially after the recent crash. The price is back below $0.40 now and investors who get in at this point could enjoy a long ride in the weeks ahead. XRP/USD is trading very close to the 21 Week EMA now and it is likely to break past it in the weeks ahead. However, it will face some resistance at the 10 Week EMA which is a key resistance zone. RSI on the weekly time frame is well above the oversold territory unlike other cryptocurrencies. This is because Ripple (XRP) has been making its own moves for quite some time. The price is still likely to appreciate significantly in the weeks ahead but it may not have as much room to go up as most other cryptocurrencies.

We have seen in the past that cryptocurrencies that move out of sync with Bitcoin (BTC) and the rest of the market undergo a correction sooner or later. This sort of correction often serves as a balancing act which brings it back in sync with the rest of the market. The fundamental outlook of XRP/USD over the past few months has been the primary driving force behind such independent moves. Ripple (XRP) has a lot of room for growth during its next bull run. In fact, it is very likely that XRP/USD may rise well above $5 during the next cycle. This appears to be more reasonable than ever as a lot of financial institutions are ready to announce publically that they are going to using XRP instead of their nostro accounts as soon as the dust settles.

Euro Exim Bank recently announced that they will be using XRP for cross border payments in Q1 of 2019. This is just one bank, a lot more are prepared to make this commitment soon as the dust settles and the cryptocurrency market begins to move. The reason most financial institutions cannot announce their intention to use XRP yet is because the cryptocurrency market is in a state of confusion and it is not clear which way it is going to move in the months ahead. If it does follow the path of its 2014-15 cycle, we should see a formal recovery by April and May which means that will be the time when most banks and financial institutions would officially announce use of such services.

Ripple (XRP) is also prepared to move against Bitcoin (BTC) soon as it breaks out of the bullish pennant. The weekly chart for XRP/BTC shows the price resting above the 10 Week EMA support and close to breaking past the 5 Week EMA. Although the RSI is near overbought territory for XRP/BTC on the weekly time frame, there still might be plenty of room for a rally during the next cycle. Bitcoin (BTC) and Ripple (XRP) are increasingly being seen as direct competitors now more than ever. Bitcoin (BTC) wants to empower the masses by cutting out the middlemen whereas Ripple (XRP) wants to facilitate the masses with the help of the middlemen.

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