Chart for XRP/USD (1H)
Ripple (XRP) pierced through the 10 hour EMA today while most cryptocurrencies struggled to break resistance. However, the bullish momentum did not last for long and the price had to fall back into the triangle. It is still up 1% for the day as the price struggles to break out of the triangle. Short term, there is not much room for further downside. The price will have to break past the critical 21 hour EMA if Ripple (XRP) is to fall further. That does not seem very probable as the market has already been through an extended correction. That being said, wave trend profile for the XRP/USD 1H chart does show that the price may continue to consolidate till the end of the month.
Trading volume for XRP/USD has been on a steady decline but interest in Ripple (XRP) is only growing. During the past few months, we have seen many instances of Ripple (XRP)’s independent moves against both the US Dollar (USD) and Bitcoin (BTC). The price did retrace after those rallies but it indicated a strong interested in the cryptocurrency nevertheless. If we look at XRP/USD’s near term history, we will see a series of triangle that are broken to the downside and as a result Ripple (XRP) falls lower. However, those triangles have been facilitating the formation of little Bart Simpson’s patterns throughout the recent history of XRP/USD.
Chart for XRP/BTC (1D)
Most of the trading activity is currently being dominated by bots that are programmed to print certain patterns after set intervals. This is why we see familiar patterns appear on the charts over and over again. It is pertinent to note that some of these patterns are unlike anything that we have seen in traditional markets. Yet we have seen them being repeated over and over again. In any case, they have been instrumental in keeping the price of Ripple (XRP) on ice as Bitcoin (BTC) looks for direction. The price of Bitcoin (BTC) might be struggling to make a decisive either above or below key structural levels. However, Ripple (XRP) investors are dying to kick off a new rally.
Ripple (XRP) investors are extremely unlikely to fall prey to further sell off tactics. In fact, most of them have already been holding at more than 80 percent losses. It is not going to be easy to force them to sell their XRP for lower prices to the whales. Many Ripple (XRP) believers have been buying the dips and increasing their holdings. While some popular altcoins like Ethereum Classic (ETC) and Lisk (LSK) have fallen to new lows during the last few days, Ripple (XRP) is well above its lows and shows no signs of a retracement. This shows that there is a strong interest in Ripple (XRP) among cryptocurrency investors. If Ripple (XRP) is added to Coinbase, it is very likely that its price might just shoot up well above its previous all time high and settle around a price of $5 or higher.