2018-10-9 18:30 |
Chart for XRP/BTC (1W)
Ripple (XRP) has defended its 5 Week EMA. This is a clear message to all the critics out there calling Ripple (XRP)’s rally a pump and dump. RSI for the above weekly chart for XRP/BTC does seem to have neared the overbought range. However, there is no sign of a slowdown yet and something bigger is brewing on the bigger picture. The accumulation to distribution ratio on the above chart shows something very interesting. From the beginning of 2018 till mid September we saw a steady decline in accumulation against distribution. However, towards the end of September, we witnessed a trend reversal. Accumulation rose against distribution till it hit resistance and retraced. Currently, the Accumulation/Distribution ratio is in a very good position for another rally.
This means that not only will the price rise entering 2019, but it can also maintain its rise all the way throughout 2019. Ripple (XRP) has a lot of way to go before its accumulation/distribution ratio peaks out again. It has started a new cycle against Bitcoin (BTC) but general market conditions are still not in its favor. Ripple (XRP) investors do not appear to be concerned by that, but whales that manipulate the price action especially at current volume levels are. When Ripple (XRP) began its new cycle, most people called it a pump and dump. Some critics said that it is the whales trying to lure in amateur investors so they can dump on them. A theory regarding how Korea was preparing to dump XRP for another favorite coin also surfaced. It is important to note that significant trading volume for Ripple (XRP) does come from Korea.
Chart for XRP/USD (1W)
During Ripple (XRP)’s recent Swell conference, Bill Clinton was a keynote speaker. This goes on to show that Ripple (XRP) has a big clout and is well connected. They are not reluctant to demonstrate their influence. Tom Lee of Fundstrat also attended the event. During a Q/A session, Tom Lee asks a very interesting question from a central banker as to why they are currently supporting SWIFT despite its major flaws. The central banker’s response exposed a lot of cracks in the current financial system as he was unable to answer the question with substance. It is very clear that the current financial system is due for a major revolution. From mail to Email, we have seen revolutions in most other industries. However, the banking system has failed to catch up with technology.
This is why Fintech companies like Ripple stand a very high chance of dominating this space. Whether it makes sense for investors to hold XRP or support it is another debate. The point is that Ripple as a company is well positioned for big success in this space. They have already showed the world what they are capable of. They are signing partners left and right every week. The company has built a lot of powerful connection and will easily knock out any competition. While it is possible that Ripple (XRP) may eventually lose to peer to peer financial services like Stellar (XLM), but for the time being Ripple (XRP) is here to make an impact in a big way.
googletag.cmd.push(function() { googletag.display('div-gpt-ad-1538128067916-0'); });The post Ripple (XRP) Defends 5 Week EMA Amid No Signs Of A Slow Down appeared first on Crypto Daily™.
Similar to Notcoin - Blum - Airdrops In 2024
Ripple (XRP) на Currencies.ru
|
