Bitcoin
BTC$70 887.21

1.24%

Ethereum
ETH$3 581.98

0.18%

Tether
USDT$0.999440

-0.05%

Binance Coin
BNB$585.91

1.91%

Solana
SOL$185.65

-0.23%

XRP
XRP$0.620836

0.23%

Ripple: Something Bullish Could be Brewing


April 2020

Despite occupying the 3rd place in global ranks, Ripple must have been a total disappointment for its holders. Not only did this coin fail to react appropriately to big news, like the partnership with MoneyGram, but it has literally nothing to show when it comes to gains - on nearly every time frame.

Over the past 365 days, the value of XRP degraded by an astonishing 50% against the US Dollar and 62% against Bitcoin. The last week was the only bright spot for Ripple since it gained the minuscule 5% against USD.

Not to say that this coin is not worthy of trading - on the contrary, XRP has probably one of the most stable average daily trading volumes among top coins, which fluctuates within the range of $1,8 billion and $2,6 billion. However, this coin is definitely not the best choice for holding unless you acquired it in 2014 when XRP had hit the all-time low at $0.0028. In that case, the 2,951% return on investment should serve as a great consolation.

365 days of XRP price action

But even though in 2019, Ripple didn’t even try to exit the evident downtrend, it might be gearing up for a big move this year.

A hint at the bullish inclinations


Here is an example to substantiate the claim that Ripple’s price action largely ignores positive news related to the company’s business initiatives. On April 2, Anchorage Trust Company, a well-regarded San Francisco-based custodian for digital assets, announced that it had concluded a partnership agreement with Ripple Labs concerning the listing of XRP as one of its primary custodian solutions.

Normally, a news piece like that would have catapulted the price of a cryptocurrency by at least 10%, but XRP reacted as if it has never happened, gaining a tiny bit more than 5%, which was a market average on that day.

However, the charts reveal a feature that could arouse the interest of mid and long term traders. The weekly time frame shows a clear bullish divergence between the price action since January 2020 and the 14-period Stochastic.

1-week XRP/USDT chart

 This is not the first time when the weekly price action provides such a signal, and it has nearly always resulted in a bull run of different intensity. Given the current situation in the cryptocurrency market and the global economy, there are certainly no prerequisites for Ripple to make a spurt to a fortified level of resistance at $0.35, but a brave attempt at testing the rooftop of the bear zone at $0.216 seems to be feasible in the next four to five weeks. But first, traders could see a 10% to 15% retracement, which should be viewed as a healthy move since the bullish volume has been declining for three weeks in a row.

1-day XRP/USDT chart

On the daily time frame, Ripple has already escaped from the bearish control zone, the border of which laid at the level of $0.175, where the bulls have been trapped from the day of the sadly remembered market crash. Since we didn’t witness any volatile moves on the part of XRP in that period, the big market players must still be gathering the position size with the intention to offload it in the coming weeks, thus drag the price above 50 EMA and close to the recovery zone.

Author: Alex Paulson for Crypto-Rating.com

Related

Crypto Markets Fluctuate Amid Traditional Stock Optimism
Crypto Markets Fluctuate Amid Traditional Stock Optimism
XRP Price Prediction for 2025 and 2030: The Resurgence on the Back of Banking Crisis?
XRP Price Prediction for 2025 and 2030: The Resurgence on the Back of Banking Crisis?
Ripple (XRP): Struggling With the Same Resistance
Ripple (XRP): Struggling With the Same Resistance
Ripple (XRP) Remains Range-Bound Despite the Brief Rally
Ripple (XRP) Remains Range-Bound Despite the Brief Rally
Ripple (XRP): Predicted Fall After Double Top
Ripple (XRP): Predicted Fall After Double Top
Ripple (XRP): The Third Attempt at $0.3 Was Also Futile
Ripple (XRP): The Third Attempt at $0.3 Was Also Futile
Ripple (XRP) Is Close to Macro Resistance
Ripple (XRP) Is Close to Macro Resistance
Ripple (XRP): The Bears Remain in the Driving Seat
Ripple (XRP): The Bears Remain in the Driving Seat
Ripple (XRP) Got Pushed Down By Tether
Ripple (XRP) Got Pushed Down By Tether

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 74.4% 43 $70 887.21 1.24% 6.21% $1 394 109 546 043 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.6% 48 $3 581.98 0.18% 1.77% $430 095 409 886 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $0.999440 -0.05% -0.08% $104 395 696 875 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64.8% 79 $585.91 1.91% 4.40% $87 615 290 851 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 60% 89 $185.65 -0.23% -1.09% $82 481 773 005 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 82% 31 $0.620836 0.23% 0.04% $34 074 125 944 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 93.2% 2 $1.000052 0.01% -0.02% $32 204 735 731 USDC 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 66% 68 $0.216785 17.43% 41.96% $31 141 765 281 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 68.8% 67 $0.650045 -0.09% 2.98% $23 129 180 763 ADA 7 days price change
10 Avalanche (AVAX) AVAX Avalanche predictions 57.2% 88 $54.27 0.23% -0.15% $20 483 189 211 AVAX 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 57.6% 94 $0.000032 5.93% 18.84% $18 866 284 029 SHIB 7 days price change
12 Toncoin (TON) TON Toncoin predictions 58% 88 $5.04 2.55% 20.70% $17 492 542 177 TON 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 75.2% 52 $9.52 -0.45% 2.34% $13 587 459 574 DOT 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 74.8% 42 $19.27 -1.17% 4.38% $11 315 173 293 LINK 7 days price change
15 Bitcoin Cash (BCH) BCH Bitcoin Cash predictions 70.8% 60 $568.92 13.87% 34.34% $11 197 169 068 BCH 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2024 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.