History is Close to Repeat Itself for XRP Price Rally

XRP

XRP

Ripple, the largest cryptocurrency by value, hit an all-time high above $3 Billion

Macro risks and a long-term bearish setup continue to spoil XRP’s or Ripple’s bullish prospects. Ripple is a money transfer network designed to serve the needs of the financial services industry. XRP suits a number of different styles of traders and investors. XRP is the native cryptocurrency on the Ripple network. It is a good coin for general cryptocurrency enthusiasts. It is still respected and grounded enough as a top-five coin with an established market.

XRP is a cryptocurrency that runs on the XRP Ledger, a blockchain engineered by Jed McCaleb, Arthur Britto, and David Schwartz. And use XRP to facilitate transactions on the network. XRP price nears the end of a bullish pattern that is more than four years old. Ripple, the largest cryptocurrency by value, hit an all-time high above $3 Billion. Ripple’s ongoing upside retracement risks exhaustion as its price tests a resistance level with a history of triggering a 65% price crash. It marks a more than 49,500 percent rally over the last 12 months.

 

XRP price and its valuation:

Ripple works with large enterprises and deals with large financial institutions, which has helped its digital coin, known as the XRP rally. XRP has a market capitalization of $122.7 billion and remains solidly in second place to bitcoin, which has a market value of about $251 billion. The indicator’s profit target is the same as XRP’s 50-day exponential moving average. Blockchain is the technology that underpins cryptocurrencies, including Ripple.

Currently, an international payment may take a few days to complete, and at a high cost. Ripple is trying to solve this problem via its technology. XRP can be used by enterprises to get instant liquidity needed in a high-value transaction, without having to pay fees.  This can be a much faster and cheaper approach versus paying the high fees banks and money remittance organizations may charge.

The cup-and-handle bullish reversal setup tends to meet its profit target at a 61% success rate. A cup and handle is a technical chart pattern that resembles a cup and handle where the cup is in the shape of a “u” and the handle has a slight downward drift. Perhaps the most interesting outlook for XRP price comes from supply distribution based on the number-of-holders chart. XRP’s case falls in the 39% failure spectrum because of a conflicting technical signal presented by its 200-4H exponential moving average (EMA). XRP’s 200-4H EMA has previously served as a strong distribution signal.

The ongoing cup-and-handle breakout has stalled midway after XRP retested the 200-4H EMA. While things are looking up for XRP price, a flash crash in Bitcoin price could easily translate to altcoins, including Ripple. Bitcoin’s dominance of the cryptocurrency market hit its lowest level ever. The bounce has also followed XRP’s weekly relative strength index decline below 30 an oversold threshold, which signals a potential buying opportunity.

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