Ripple (XRP) has already started the altcoin rally. This is unexpected given the change in sentiment in the crypto market. The Ripple (XRP) team has clearly decided to show off everything they can do. News of partnerships with more financial institutions has sent the price to the top of its bullish horns over the past few days.
XRP has been on the verge of a trend reversal for a long time. Ripple's bright plans (XRP) and institutional interest seem to have paved the way for this reversal. Against the backdrop of the overall growth of cryptocurrencies by an average of 2-5%, XRP managed to reach a full 12%, while over the past two days it has gained more than 40%.
The chart for XRP/USD on a weekly time frame shows that Ripple (XRP) has not only successfully tested the bottom of its rising channel, but has also completed its correction in its entirety against technical indicators. The RSI for XRP/USD is trading in a falling wedge. About 12 months after it fell into the wedge, the RSI has now reversed upward and started a new trend. Likewise, the wave trend shows that it is on the verge of a breakout. It has been trading with a similar falling wedge since October 2017. It looks like he will start a new trend in October 2018, according to some analysts.
Ripple (XRP) is a good company with great potential that has proven its management talents. However, investing in Ripple (the company) and XRP (the token) are not the same thing.
Recently, Ripple (the company) has focused its attention on releasing new products for institutional investors, such as xRapid and promoting existing ones, RippleNet. The amount of positive news regarding Ripple has increased noticeably recently. Against the backdrop of the end of the protracted summer bearish trend, thanks to the significant expansion of RippleNet’s geography and the announcement of new cryptocurrency products, XRP was able to significantly increase in price in a short time. The charts show that Ripple (XRP) is on the verge of a massive rally, but the only question is how long the bull trend in the altcoin market will continue and whether this coin will be able to stay away from the bearish pressure that is inevitable.
Today, Ripple XRP is the third largest cryptocurrency by market capitalization, currently trading at $0.450 according to Coinmarketcap at the time of publication. The market capitalization of Ripple XRP increased within 24 hours from $12810359774 to $17,879,344,992 USD.
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