Published
5 years ago on
March 26, 2019
Ripple (XRP) has broken below the 50 day moving average but there is still hope of a bullish comeback in the near future. This is because XRP/USD is now massively oversold on the daily time frame. The situation is a lot more interesting on the XRP/BTC front as we will discuss in this analysis. Ripple (XRP) has been ignore for the most part since the beginning of this year. A series of negative developments seem to have hurt its chances of bullish growth in sync with the rest of the market since the beginning of the year. However, all of that might change soon considering markets are cyclical and this one is about to come to an end.
We had seen Ripple (XRP) as one of the first few cryptocurrencies to react to bullish news but not as the last cryptocurrency to turn bullish. In the past few weeks, even cryptocurrencies like Ethereum Classic (ETC) that have a bad reputation for lagging behind during bullish cycles had a nice run but Ripple (XRP) kept on consolidating sideways until it fell below the 50 day moving average. The price now rests above the trend line resistance turned support and is expected to stay above this level. If this level is breached, we might see significant downside as some analysts have recently pointed out. Ripple (XRP) enthusiasts like Tiffany Hayden were quick to come to the rescue when some posts on Crypto Twitter talked about the possibility of a fall to $0.05 per XRP coin.
Ripple (XRP) has declined even lower below the 200 day moving average against Bitcoin (BTC) and XRP/BTC is now heavily oversold on both the daily as well as the weekly time frames. The price is currently trading in the symmetrical triangle that extends back to August, 2018 but it might soon decline to the bottom of this triangle if the price fails to rally in the days ahead. There are a few minor supports along the way but the price might end up breaking through them if it fails to see any bullish momentum in the days ahead.
Major banks and financial institutions that have been testing XRP might announce their decision to start using XRP anytime now which could be huge for Ripple (XRP). While some analysts are talking about the possibility of a fall to $0.05, others are talking about the inevitable rise to $5 during the next bullish cycle. This is very reasonable to expect considering Ripple (XRP) already climbed above $3 during the previous cycle. If Ripple (XRP) manages to capture even a fraction of the trillion dollars foreign exchange market, we might see the price well above $5 to reach somewhere around $15 during the next cycle. This is all in the realm of possibilities and if we can say anything about Ripple (XRP) for sure is that the team behind it does not take no for an answer.
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