2018-10-30 17:54 |
Ripple’s digital currency XRP hugely outperformed late last year when prices reached over $3.50 per XRP. Have we seen the last of such valuations or is XRP setting up to outperform during the next bull run? Maybe both.
XRP has a strong community behind it, and many are extremely bullish on the long-term prospects for the project. Without this community, it would have been difficult for the cryptocurrency to reach the high valuations it reached in December of 2017. However, it has declined significantly since then. XRP currently trades at $0.44.
XRP’s market structure could be setting up for more bullish movements during the next wave of investor optimism. On the weekly chart, price action looks like it is pricing in a higher low which would be a sign of the start of an uptrend. Back in April and May, the same structure appeared but broke down. If price appreciates from here, the key level to monitor is $0.58. If price can rise above this level, a higher high will likely be priced in, and XRP will stand a much larger chance of outperforming during the next market increases.
RSI has formed a higher low and MACD is steadily converging to the centerline, both signs of increasing buyer momentum.
XRP Weekly Chart – Source: Tradingview.comOn the daily, the price has been consolidating for around the last two weeks. This makes a breakdown like the one we seen on the weekly back in May a possibility to occur now also. The market leader Bitcoin still has a significant impact on the direction of the overall market as it represents over 54% of the total market cap.
XRP Daily Chart – Source: Tradingview.com Key Takeaways: The market structure of XRP could be setting up to outperform during the next wave of investor optimism. A higher low looks to be priced in the weekly market structure but it is also possible that this could break down as happened in May. If price appreciates from here, $0.58 is the key point to monitor as this would represent the point where price action would form a higher high. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Longer-term XRP Analysis – Is XRP Setting up for Another Price Appreciation? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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