Now that price action for the cryptocurrencies has settled into more conventional “ebb and flow” movements, the market is becoming more appealing to long-term investors and intraday traders. These investors were otherwise timid about entering the cryptocurrency market in November and December of 2017 when many of the popular cryptocurrencies were breaking through new all-time highs on what seemed to be a daily basis.
Since then the market has turned bearish. Many of the cryptocurrencies that where soaring to unsustainable prices have given back most, if not all the price gains that resulted from the cryptocurrency bull market run of the last two months of 2017.
The bear market that the cryptocurrencies have been experiencing since mid-December seems to have hit bottom. The two bellwether cryptos, Bitcoin and Ethereum, have both bounced off their local lows on April 1, 2018. Ripple has followed a similar pattern.
Ripple hit a low of $.45410 on April 1, 2018, around where it hovered until about April 10th. It has been on a steady upward swing ever since to a high of $.96663 on April 24th. The upward price movement is exhibiting some price action that is indicative of a reversal.
The 60-minute chart above further confirms these price patterns.
The same trendlines shown on the daily chart are drawn on the 60-minute chart. A close inspection of the volume indicator shows a clear pattern of diminishing volume as price action makes higher lows.
The most recent upward trendline follows a downward price move that was accompanied by a spike in volume. Price has subsequently started trending upward making higher highs and higher lows, while volume has diminished.
At present, Ripple is hovering right at the trendline at $.83473 after dipping just below it. Once price begins moving above the trendline, a buying opportunity will be signaled. The signal will be confirmed when the price reaches the high of the prior upward price swing at $.89903.
What we see as getting Ripple through the $.89903 resistance level is news about a new banking partnership. The list of banks that are now with Ripple is growing each day. AK Bank, Axis Bank, UBS, SBI Remittance, Mizuho, Standard Chartered and newly added Santander are just a few of the influential partnerships formed by Ripple throughout Q1 of 2018. According to Ripple’s CEO, Brad Garlinghouse, if things keep going the way they are now, Ripple might enter partnerships with more than half of the biggest banks around the world within the next five years.
One of the best rumors surrounding Ripple at present is pairing up with ApplePay. There are indications that Apple has decided on implementing Ripple’s interledger protocol into ApplePay. Being one of the greatest technology companies in the world, if this rumor turns out to be based on reality then it could take Ripple to the moon in the blink of an eye.
Overall, Ripple has a simple goal of becoming the most preferred payment solution. Current banking systems are slow, have limited transparency and expensive and hence, cannot function as a global payment system. But Ripple has every feature required to be an ideal global payment system. Because of Ripple’s functionality, we expect Ripple to be back above the $1 mark rather quickly.
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