Just like any other cryptocurrency, Ripple (XRP) has had its ups and downs during its lifetime. However, unlike many other cryptos, Ripple’s behavior seems to be a bit too controlled, and the comparison of its charts actually shows a progression pattern.
Ripple (XRP) history repeats itself
While studying Ripple (XRP) charts, many have noticed that the crypto seems to be following the same route that it took in 2017. The crypto was discovered to actually have cycles, albeit unofficial ones, but so far, the theory does seem true enough.
At first, Ripple starts by making gains during a month’s time. Some investors manage to make a profit, while some decide to sell as soon as possible, which causes the price to corrects. This pattern is the very same one that Ripple took last year, and it can be seen on XRP/BTC charts.
Over a year ago, in late March, Ripple experienced a huge price increased, which marked the end of the 26-day long cycle. In the following months, Ripple’s price against Bitcoin corrected, and Ripple saw bottom at the year’s end.
That is when January 2018 came, and Ripple started another cycle where it continued to rise for – you’ve guessed it – 26 days. The next 94 days saw Ripple’s price going continuously own again, which was followed a new cycle of correction, which lasted for 110 days.
According to the theory backed by charts, Ripple’s current price has not reached its bottom yet, and it will continue to drop for a little while longer. If XRP continues to follow the patterns shown on the charts, this situation should last for about a week more, which is when Ripple’s 110 days of price correction are supposed to end, and crypto will be on the rise once more.
Ripple expected to keep following the cycle
According to Ripple’s behavior so far, many are expecting the coin to continue following the predetermined cycle before it can begin a new one, and see a price increase again. It still manages to remain the third largest crypto on the CoinMarketCap, and it has had a lot of success when it comes to developing its products, entering partnerships, and gathering support from the community. In fact, it is believed that this progression will continue since XRP is sought out by many companies.
Ripple’s xRapid product, and its ability to make international payments quickly, and cost-effectively has made this currency the favorite of banks around the world.
According to charts that are comparing Ripple with Bitcoin, XRP is almost at its bottom, which will start a new cycle of rising and falling. However, the situation is slightly different when we compare Ripple with the US dollar. In fact, Ripple has touched the so-called resistance line only once since the price correction started, and that was when its price was $1.
Currently, both the situation, as well as the conditions are relatively similar to that period. This might indicate that the XRP/USD might be facing a rejection soon, which might bring a new bearish setup.
Many have tried to explain this unusual behavior, and the most likely explanation includes Bitcoin’s price increase, which has attracted a new wave of retail investors. These are likely those who have been hesitant to join the market until the conditions are perfect, and have finally grown tired of waiting.
Despite the fact that Ripple’s cycle is not yet ready for such a change, the prices still managed to go up, pulled up by Bitcoin’s bullish run. And, while Ripple is still expected to return to its price drop that will continue until the cycle ends, it is important to remember that brighter times are indeed coming, at least according to what we have seen so far.
For the latest cryptocurrency news, join our Telegram!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
Reasons Why You Are Much Safer When Crypto Trading on Dexes
While many cryptocurrencies aim to bring the change to the world by bringing full decentralization, one aspect of the crypto space still remains mostly centralized, and that is the way they are exchanged. Most crypto exchanges are centralized companies, where traders and investors need to deposit their coins for safekeeping. This is a risky way to handle the funds, as exchanges remain susceptible to hacks and theft, as many realized recently, after the hack of the world’s largest exchange by trading volume, Binance.
During the hack, around 7,000 BTC (over $40 million) was taken, and sent to multiple wallets, never to be seen again — for now, at least. The hack also came as quite a shock, as Binance was known for its efficiency, security, and high levels of confidence. It also made people realize that their coins are not really theirs if they need to rely on third parties, such as exchanges, to keep them safe. As a result, many are now turning away from centralized exchanges, and are heading towards decentralized ones — also known as DEXes.
Here are some reasons why you might want to consider doing the same.
1. True ownership of your coins
The crypto community has a saying: “not your keys, not your coins.” The saying is now more relevant than ever, but it does not apply on DEXes. Decentralized exchanges…
Crypto Billionaire Predicts Massive Price Growth by 2021
Crypto prices are once again going up, and Bitcoin has just passed a major resistance level at $6,000. With a situation like that, it is not surprising that everyone in the crypto community is looking forward to the future, wondering what to expect in years to come. Many experts have already given their predictions, some more optimistic than others, but almost all bullish.
Crypto billionaire Mike Novogratz has always been very supportive of cryptocurrencies, and very bullish on Bitcoin. He recently stated that he sees the coins’ prices triple in the following 18 months, meaning that Bitcoin’s return to $20,000 might not be far away, according to him.
He noted that Bitcoin is back to $6,000 after its price hit as low as $3,100 only a few months ago. These days, Novogratz does not believe Bitcoin will return to such lows unless there is a devastating exchange hack or a major shift in regulations. Of course, there was a big hack that had the potential to damage the coin’s price, only days ago. The world’s largest crypto exchange by trading volume, Binance, saw a significant security breach which resulted in a theft of 7,000 BTC.
However, so far, the coin did not react negatively to this incident. While Novogratz believed that such an event would shatter the new confidence in BTC, it simply did not happen. However, he…
TokenRoll (TKR) Platform Will Take Online Casinos to the Next Level
Corporate executives are turning to blockchain technology more than ever in an attempt to revolutionize the business world. Although blockchain is still a relatively new concept, that hasn’t stopped more and more companies from jumping on the bandwagon. This hot new technology has quickly gained a reputation for providing greater transparency, enhanced security, improved traceability, increased efficiency, and low costs. One industry that could certainly benefit from decentralization is the online gambling market, specifically, online casinos. TokenRoll (TKR) has developed a platform that appears to offer a promising alternative to centralized casinos.
Problems with Centralized Casinos
The primary reason why blockchain technology is being implemented so quickly is because it solves a lot of the problems typically associated with the traditional business model. And online casinos are no different. It still needs to be said that centralized casinos have proven that there is a great demand for online gambling. The market is growing faster than anyone could have predicted, and future opportunities appear very promising and lucrative. But industries are continually evolving and this one is no different.
A few of the problems facing centralized casinos include the following:
- Little to no transparency
- Consumer lack of confidence
- Privacy concerns
- 48-72 hour wait time for withdrawals
These are four monumental issues that need to be addressed quickly given the global growth of the market. Casinos need to…
BitStarz Player Smashes Record – Wins $2.4 Million on Azarbah Wishes!
The Bitcoin Revolution: Everything You Need To Know To Take Profits
3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences
Blogs2 weeks ago
Crypto Billionaire Predicts Massive Price Growth by 2021
Altcoins2 weeks ago
Justin Sun Bullish On TRX and BTT
Altcoins5 days ago
Why Tron (TRX) Price Won’t Remain Low for Long
Altcoins5 days ago
Why Binance May Be Crucial for Tron (Trx) to Reach $1
Bitcoin1 week ago
4 Reasons Why the New Bitcoin Rally Is Unlikely to Stop Now
Hot Updates2 weeks ago
Social Gaming Platform Offers Crypto Community Unrivalled Multi – Gaming Experience with Fair Odds
Trade2 weeks ago
eToroX launches gold and silver stablecoins
Altcoins5 days ago
3 Cryptocurrencies Most Likely to Follow Bitcoin’s Performance