Forget the Volatility; Belt Up for Ripple XRP’s December Price Breakout
Ripple’s XRP is the cryptocurrency that many people ‘hate to love.” In spite of the mixed feelings towards XRP, one thing that is clear is that it cannot go unnoticed. Besides, being the third-largest digital asset on the crypto market, XRP carriers with it a lot more than Bitcoin (BTC) can offer in the current global economy.
In addition to that XRP payments are utilized across a wide range of platforms, some of which are operated by banking institutions. For example, RippleNet allows users to easily access liquidity when performing cross-border payments in addition to enabling instant transfers. Another significant feature is the low transaction fees even for micropayments.
Ripple’s XRP is in anguish just like the majority of cryptocurrencies across the market. Following the failure to sustain gains above the key $0.30 level, XRP began displaying lousy trading moves mainly because of the demoralized bulls. This situation set the stage for sabotage as the bears swung into action over the last few days. The most devastating drop occurred in tandem with the price fall across the market on October 23.
XRP, for the first time since the dumping on September 24 when it hit lows under $0.22 breached the ascending channel support. The price dived under $0.28 support but found refuge above $0.25. Meanwhile, a shallow recovery that pulled XRP above $0.27 stalled leaving $0.28 untested. Indicators are still negative with the Relative Strength Index (RSI) stuck in the oversold region. The declines are likely to continue in the short-term until a significant recovery sends XRP above $0.28.
What The Future Holds For XRP?
XRP’s correction from $0.3 was a necessary move to create fresh demand. It is also part of a consolidation move after the rally from $0.22 to levels marginally above $0.30. Moreover, with the RSI in the oversold conditions, chances of recovery remain very high.
XRP Overview – 24 Hour:
Average $XRP price across exchanges: $0.269543
Change: $-0.015929 (-5.58%)
Market Cap: $10.69B
As we get closer to the end of the year, many crypto enthusiasts predict cryptos will rally to higher levels. Some experts like crypto bull see XRP trading at $10 in December. This price is also set to increase month-over-month in 2020.
I am expecting #XRP breakout by end of October. I still think we will see a minimum of $10 by end of 2019.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.