RIPPLE: What will be the bottom for XRP
Disclaimer: This is not investment advice, merely my own opinion. I have holdings in XRP.
Price: Technical Analysis
- Our assumption here is that given the growth of the XRP asset, price moves exponentially (curved) on a longer timeframe, and not linear. This is important because or price movements will be relative and not absolute.
- During our first pump at the start of April we went from about 500 sat to 7000 sat, then retracd to 2200 sat. Or a retrace of around 322%, if we make the analogy for this leg up we will get a retrace of around 7350
- When reaching 15 000 sat we already had one dump (due to poloniex crash?), the market maker stepped in at around 7350 sat
- The RSI shows bearish price divergence. The price made a new top at 24000 , but "buying power" so to speak actually went down
- The 7350 is further supported by a previous top, it turning into resistance would confirm the uptrend.
- The green marked area would be the bottom of what is commonly known as the ideal entry zone.
Quick introduction to Ripple and XRP
Ripple is a company that offers solutions for faster and more secure payments through blockchain technology. Last year the partnered with the SBI group, a large Japanese banking consortium. The solution targetting banks consists at the core of Ripple connect (messaging layer) and the Interledger Protocol or IPL (the settlement layer).
The IPL works with both fiat currencies as well as XRP. The reason customers would choose using XRP is that it is 60%
cheaper compared to using fiat. The current cost of using XRP to send a payment is 0,0007$ and it is completed in 4 seconds.
There is 27 trillion dollars in float around the world to facilitate payments at the moment. With the solutions Ripple presents that amount of liquidity wouldn't be needed anymore.
Good info, itll be interesting to see what the coming weeks hold.
I think weve hit the bottom now, and should be another rally over the next few days.
Always a real test, hold or not to hold... especially while virtually every other coin on the board raked it in past few days!
Hard to understand how 20 coins from the bottom were even pulling in 20+% and some how xrp saw none of it... makes a person wonder if there could be some big accounts matching the buy ins with selloffs preventing growth.
Either way, id say we will see a $1 xrp this year..
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"makes a person wonder if there could be some big accounts matching the buy ins with selloffs preventing growth."
Market makers is the word you're looking for.
For example CME makes a market for oil, it's a given fact that oil can only move up 7% on a given day, else the market would shortcircuit.
The same goes for any market. Price can't keep going up vertically because you will reach a point where no one is willing to buy anymore, that also means that people can't close their longs (which is technically tring to sell) because there is no one to take over the position.
It's not the chart that is important, it's what happens behind the scenes that is represented on a chart.
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True enough.
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Interesting reddit post saying ripple will take over bitcoins role in the crypto market as the main transactor between currencies. That would cut costs and time hugely!
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