Ripple is currently very stable, and the only thing that moved it was when it was announced as Teeka Tiwari’s Monthly pick on his Palm Beach Confidential newsletter.
I think this is due to the fact that not only does it have a lot of circulating supply, but is very liquid, centralized, and the issuers have the power to release more into circulation, having a large influence on prices.
What people don’t realize is that Ripple is viewed as a safe-haven asset.
Since it is least prone to volatility, traders and short-term investors tend to like holding it, to avoid changing back to fiat.
I’m one of those people.
Anyways, about it going up..
Bitcoin got some real bearish news. It looks like the bitcoin classic team is entirely abandoning the project.
It was announced this morning, many miners switched to Bitcoin Cash, and it soared from $590 to $1050.
Today.
That paired with the fact that it has a negative correlation with Bitcoin:
Is great news for us Ripple holders.
The crypto market cap has been in consolidation for a while and this leads me to believe that not much if any, money is being taken out, or at least converted into fiat.
So, with the money going out of Bitcoin, it should flood into altcoins.
I could back up this statement with research done that proves the majority, if not, all, alt’s bleed once Bitcoin starts to pick up traction, and vice versa.
Usually, because people sell altcoins for bitcoin.
Technical Analysis
It looks to have completed a full correction.
This is a strong signal of trend reversal, as the price has fallen back to a very early zone and signals seller exhaustion, usually because they do not have much motive to buy.
Cryptocurrencies are very sensitive to sentiment and speculation that can add validity to this analysis.
I personally think Ripple will see 30 cents short term, 50 cents medium term, and $1 medium-long term.
Long-term being by the end of next year, because that’s a pretty long time in cryptocurrencies.
We'll see how it plays out.
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